Reason of global crisis and economic effects on European Union countries: Sample of Italy, Greece and Spain

The aim of this study is to determine how the problems in occured mortgage markets in USA effect the EU countries and to analyze measurement taken in this countries .In this context, the reasons which lead to having more effect on Italy,Greece and Spain have been analyzed. The reason of that is the structural features of in these countries and high current account deficits. In addition, these three countries have high levels of public debt that is another important factor lead to this crisis. In Greece, has implemented expansionary fiscal policies for many years that lead to increased public expenditure. In Italy, the growth rate is not at the desired level and in Spain occurred revival in the housing market in the pre-crisis that to turn into to the recession with crisis is other problems of these countries. Keywords: USA, Mortgage market, Current account defiicit, European Union countries.