Majlis Research Center studied the debt crisis in Europe.
According to the Public Relations Office of MRC, when the financial crisis in Europe, there was more concern about Greece's financing public debt that Greek people rejected the austerity measures and showed their discontent with the protests, the Office of Budget and Plan Studies said.
Accordingly, concerns about rising levels of public debt of budget deficits in the world with a sharp reduction in credit rating of European governments were as warning for financial markets.
Debt crisis in European countries occurred among conservative investors in 2010, the report said. This crisis are included some members of the Euro area including Greece, Ireland, and Portugal, and some countries of EU that are outside of this area.
According to the report, in Europe, especially in countries where the debts is greatly increased due to financial assistance to banks, increasing the difference of interest on bonds and bankruptcy credit risk insurance among the countries and other members of Europe Union, especially Germany has caused a crisis of uncertainty.
Europe's central bank announced some measures aimed at reducing volatility in financial markets to solve the crisis including start of open market operations with the purchase of government and private bonds, the allocation of two and three months of this long-term re-financing operations, and re-activation of dollar swap line with the support of Federal Reserve.
The Office criticized the austerity measures adopted by most European countries to tackle the debt crisis in Europe and added that there is a sense of unfair management in this crisis that is affected by the financial crisis of 2007-2010 and workforce shouldn't pay for economic mismanagement mistakes of economists, investors, and bankers. Unemployment of more 23 million EU workers is the consequences of the financial crisis in the Union. However in this period, thousands of bankers in Europe, despite the bankruptcy or nationalization, become a millionaire and the fact that has led to create more regulations on the banking sector, not only in Europe but also in the whole world. (The full text of the report is attached.)