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The euro area crisis, often also referred to as the eurozone crisis, European debt crisis, or European sovereign debt crisis, was a multi-year debt and financial crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s.
European banks are estimated to have incurred losses approaching €1 trillion between the outbreak of the financial crisis in 2007 and 2010. The European Commission approved some €4.5 trillion in state aid for banks between October 2008 and October 2011, a sum which includes the value of taxpayer-funded recapitalizations and public ...
The European sovereign debt crisis resulted from a combination of complex factors, including the globalization of finance; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the 2007–2008 financial crisis; international trade imbalances; real-estate bubbles that have since burst ...
Public debt $ and %GDP (2010) for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s that made it difficult or ...
Columbia Journalism Review this month took the first steps toward transforming the ghost stories and urban legends of America's current recession into the formalized analysis of history. In "The ...
The Eurozone recession has been dated from the first quarter of 2008 to the second quarter of 2009. [2] In the eurozone as a whole, industrial production fell 1.9% in May 2008, the sharpest one-month decline for the region since the Black Wednesday exchange rate crisis in 1992. European car sales fell 7.8% in May compared with a year earlier. [3]
During the third quarter of 2008 the national GDP contracted for the first time in 15 years, and, in February 2009, Spain (and other European economies) officially entered recession. [8] The economy contracted 3.7% in 2009 and again in 2010 by 0.1%. It grew by 0.7% in 2011. [9] By the 1st quarter of 2012, Spain was officially in recession once ...
The 2008–2009 Belgian financial crisis is a major financial crisis that hit Belgium from mid-2008 onwards. Two of the country's largest banks – Fortis and Dexia – started to face severe problems, exacerbated by the financial problems hitting other banks around the world. The value of their stocks plunged.