{"id":12583,"date":"2019-12-09T16:01:29","date_gmt":"2019-12-09T15:01:29","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=12583"},"modified":"2019-12-09T16:01:29","modified_gmt":"2019-12-09T15:01:29","slug":"question-of-the-week-european-public-debt","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/question-of-the-week-european-public-debt\/","title":{"rendered":"Question of the week | European public debt"},"content":{"rendered":"<h2>Is European public debt still a Sword of Damocles?<\/h2>\n<p>Although eurozone public debt levels have fallen in the past five years, they remain high in certain northern European countries and across much of southern Europe (Greece: 175% of GDP; Italy: 134%; Portugal: 119%; Spain: 96%; and France: 99%).<\/p>\n<p>Since the European debt crisis, Member States have set firewalls up to limit the risk of dislocation, although speculative attacks remain still possible in the event of economic and\/or political shocks.\u00a0 These firewalls include the European Stability Mechanism (ESM), which can act as lender of last resort, and the Outright Monetary Transactions (OMT) programme, which enables the European Central Bank to make potentially unlimited purchases of sovereign debt on the secondary market.<\/p>\n<p>&nbsp;<\/p>\n<p><em>The opinion expressed above is dated 6 December 2019, and liable to change.<\/em><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 &#8211; Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES &#8211; 75008 PARIS, FRANCE<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is European public debt still a Sword of Damocles? Although eurozone public debt levels have fallen in the past five&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":12408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[],"class_list":["post-12583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Question of the week | European public debt &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"Is European public debt still a Sword of Damocles? 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