UnrrCD 10f1 r% , tntp IDhliantinnc .tyto fllior-tinnv 1) Do nation-states have an obligation to maintain a minimum standard of socio-economic rights during an economic crisis? -And2) Could such obligations be shared between poorer, developing states and developed industrialized stateswhich could bear a duty to give "international assistance and cooperation?" The remainder of the article explores a state's obligations regarding economic and social rights. It also examines the nature, value, and scope of these obligations. The article also answers whether these obligations remain unchanged during an economic crisis. The task is divided as follows: Section II discusses implementation of economic and social obligations during an economic and social crisis. Section III analyzes the nature, scope, and standards of state obligations concerning economic and social rights. Section IV discusses extraterritorial state obligations to observe economic and social rights on the basis of a duty to co-operate; it does so by analyzing the legal nature of a state's extraterritorial obligations and their duty to co-operate. On the basis of this analysis, Section V assesses the added value of territorial and extraterritorial state obligations regarding economic and social rights and how these could be better implemented. The article argues that territorial states have obligations to respect, protect, and fulfill economic and social rightseven during severe economic crises-and that developed states have extraterritorial obligations to ensure reasonable minimum socioeconomic standards are being developed in other, less developed, nations. II. SOCIO-ECONOMIC RIGHTS IN EUROPEAN FINANCIAL CRISIS Economic crisis and a state repaying public debt directly affect the individual's enjoyment of human rights, particularly economic and social rights, because they minimize the state's ability to follow through on its socio-economic obligations to its citizenry. In recent decades, states borrowed funds directly from other countries, international organizations, and private financial institutions. Such loans often enabled excessive government spending, poor public resource management, and corruption. Excessive spending and poor management by the banking industry in Eastern and Southern Europe brought those countries to the brink of fiscal collapse. When the European Union and other international organizations set conditions on granting further loans to Eastern and Southern European countries, they often forget those states' obligations to respect, protect, and fulfill the economic and social rights of ordinary people. This leads to individuals in Eastern and Southern Europe to struggle daily for their survival and their families. Research indicates that these heavily indebted states are less likely to ensure the