Complicating matters in resolving the European sovereign debt crisis have been the large number of players each of whom has a stake in the outcome of the crisis.
Most commentators trace the beginning of the European sovereign debt crisis to 5 November 2009, when Greece revealed that its budget deficit was 12.7% of gross domestic product (GDP), more than twice what the country had previously disclosed. However, the real origins of the crisis can be traced to the very structures that govern Europe's institutions.
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