A Number of EU Countries Encountered Financial Difficulties During the Euro

question 8

Multiple Choice

A number of EU countries encountered financial difficulties during the euro crisis in the first decade of the 21st century, and some of those countries received bailouts from the EU. Spain encountered financial difficulties in this period, but Spain did not require a bailout. Why was Spain's situation different from the situations that required other EU countries to be bailed out?

• A)Spain was not part of the EU, so the EU did not have the authority to bailout Spain.
• B)Spain was bailed out by the U.S.
• C)While other EU countries had government debt that exceed GDP, Spain's debt was less than GDP, so Spain's financial situation was not as dire as in other EU countries.
• D)Spain refused a bailout by the EU and defaulted on its government debt.

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