sparked an unprecedented sovereign debt crisis that rapidly spread to the Euro-Zone's weakest member states. As the crisis … increasingly drove a wedge between a seemingly resilient Euro-Zone core and its faltering periphery, its first collateral victims … were the private banks of the hardest-hit sovereigns. They were rapidly followed by the rest of the Euro-Zone's banks as a …

tensions within the eurozone. This process evolved through three stages. Following the onset of the Subprime crisis in July …

spreads of selected Eurozone members during the financial crisis and the recent Euro crisis. The results imply that before the …