GIPSIC
The acronym GIPSIC stands for the six countries Greece, Ireland, Portugal, Spain, Italy and Cyprus ( English Cyprus ). All of these countries have the euro ; so they are members of the eurozone . All six countries have high national debts. When Greece was on the verge of national bankruptcy in spring 2010, the participants at an EU summit decided on the first euro rescue package over a single weekend.
As of April 2013, the international community, including the European Central Bank (ECB), granted the GIPSIC countries € 1,185 billion in rescue loans :
- 707 billion euros Target debt less the claims from a disproportionate issue of banknotes,
- 349 billion intergovernmental rescue loans including loans from the International Monetary Fund (IMF) and
- 128 billion euro purchases of government bonds of the GIPSIC countries by the central banks of the non-GIPSIC countries
See also:
Individual evidence
- ↑ Ifo Viewpoint No. 139: The Logic of the Target Trap
- ↑ faz.net May 8, 2013: Interview with Hans-Werner Sinn ; see also ( http://www.cesifo-group.de www.CESifo.org)