Eurozone crisis

Rare card · No. 69599

The eurozone crisis, also known as the euro area crisis, European debt crisis, or European sovereign debt crisis, was a debt crisis and financial crisis in the European Union (EU) that occurred between 2009 and 2018. The eurozone member states of Greece, Portugal, Ireland, and Cyprus could no longer adequately manage their debt (ie. unable to repay or refinance their government debt) and could not bail out their national banks. Assistance was needed from other eurozone countries, the European Central Bank (ECB), and the International Monetary Fund (IMF) to address the crisis. The crisis included the Greek government-debt crisis, the 2008–2014 Spanish financial crisis, the 2010–2014 Portuguese financial crisis, the post-2008 Irish banking crisis and the post-2008 Irish economic downturn, as well as the 2012–2013 Cypriot financial crisis. The crisis contributed to changes in leadership in Greece, Ireland, France, Italy, Portugal, Spain, Slovenia, Slovakia, Belgium, and the Netherlands as...

Read on Wikipedia · Image Spitzl, CC BY-SA 3.0