Euro Area Credit-to-GDP Gap in 2011
Euro Area Credit-to-GDP Gap opened 2011 at -1.2 and closed at -2.1, a -75.00% move for the year. The high of -1.2 was reached on March 31, and the low of -2.6 on September 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Mar | -1.2 | -1.2 | -1.2 | -1.2 | +0.00% |
| Jun | -1.8 | -1.8 | -1.8 | -1.8 | +0.00% |
| Sep | -2.6 | -2.6 | -2.6 | -2.6 | +0.00% |
| Dec | -2.1 | -2.1 | -2.1 | -2.1 | +0.00% |
Events During 2011
S&P stripped the United States of its AAA credit rating on August 5, 2011, the first time in history. Markets whipsawed as the debt ceiling fight showed political risk could reprice government creditworthiness.
Greece's debt revelation in October 2009 triggered a multi-year eurozone crisis that threatened the euro's survival. Greece, Ireland, Portugal, Spain, and Italy required emergency support. Mario Draghi's "whatever it takes" in 2012 ended the acute phase.
Related Metrics
Get historical context as markets unfold, regime classification, scenario triggers, and analysis in your inbox.