Discuss the impact of the following factors in bringing about the Euro crisis:

1-Budget deficits and national debt:

2-Balance of payments

3-Social expenditures

Using graphs, compare the above factors for the countries in trouble, PIGS (Portugal, Ireland, Italy, Greece, and Spain) vs. other countries in the Eurozone like Germany and France that fared well, and contrast which of the above factors may have contributed to the crisis.

The fact that all these countries were using a single currency and did not have the power to devalue their own currency could be another factor you need to consider when analyzing this issue.

Provide your explanations and definitions in detail and be precise. Explain it in your own words. When necessary, provide references for content. Peer-reviewed in-text citations and references should be used to back up your claims.