The European debt crisis continues to dominate .nancial markets. In fact, the pattern is becoming all too familiar as the strongest and most stable Eurozone countries (especially France and Germany) struggle to stabilize the economies of their weaker Euro-partners.
Greece was first to take a multi-billion dollar bailout in May 2010, followed by Portugal and Ireland. Each of those countries had to agree to severe spending cuts before the loans were approved, which triggered widespread protests that have sometimes turned violent.
Some experts speculate that Greece, the most economically troubled of all Eurozone players, may eventually default despite the latest round of negotiated loans that took place just last month. And many pundits agree that a Greek default might stymie economies worldwide, halt improvement in the U.S. economy and possibly trigger a second global recession.
To provide greater insight into these issues, the Council has turned to a true expert: Professor Simon Johnson, former Chief Economist of the International Monetary Fund. He is the Ronald A. Kurtz Professor of Entrepreneurship at MIT Sloan School of Management, and a senior fellow at the Peterson Institute for International Economics in Washington, D.C.
He is also a member of the Congressional Budget Of.ce’s Panel of Economic Advisers, a member of the FDIC’s Systemic Resolution Advisory Committee; and holds a PhD in economics from MIT. During his presentation, he will also discuss his new book, White House Burning.