Columbia International Affairs Online: Working Papers

CIAO DATE: 10/2011

Europe's debt crisis: Where and when will it end?

Ben Jones

October 2011

Economist Intelligence Unit


• Greece is not unique. Investors are finding it hard to judge
which countries are "safe" or price for that risk.
• The EFSF is too small to buy the debt of larger states on the
scale needed to stabilise markets.
• The EFSF cannot be scaled up in its current form without
threatening the AAA ratings of the creditor countries .