Public Debt Sustainability in the Highly Indebted EU Economies - Illusion, Aspiration or Reality?
The main goal of the article is to investigate the level of (un)sustainability of public debt in the highly indebted EU
member states. It is accompanied by the following hypothesis: the highly indebted EU economies are able to generate primary
fiscal surpluses and in this way they can reject Ponzi scheme and aim to achieve debt sustainability in the long run. The highly
indebted EU economies investigated in the article are: Greece, Italy, Ireland, Portugal, and Spain. The research period covers
yearly observations between 1996 and 2015. Data were taken from Eurostat and the European Commission's Directorate
General for Economic and Financial Affairs.
Index Terms- public debt, sustainability, no-Ponzi scheme, indebted EU economies.