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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.
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 ...
This was the first Eurozone crisis since its creation in 1999. As Samuel Brittan pointed out, [6] Jason Manolopoulos "shows conclusively that the Eurozone is far from an optimum currency area". [7] Niall Ferguson also wrote in 2010 that "the sovereign debt crisis that is unfolding... is a fiscal crisis of the western world". [8]
Since the financial crisis of 2007–2008, the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms. [15] The eurozone has also enacted some limited fiscal integration; for example, in peer review of each other's national budgets. The issue is political and in a state ...
Starting with Greece in 2009, five of the 20 eurozone states have been struggling with a sovereign debt crisis, commonly called the European debt crisis. All these states started reforms and got bailout packages (Greece, Ireland, Portugal, Spain, Cyprus). As of 2015, all countries but Greece have recovered from their debt crisis.
Public debt $ and %GDP (2010) for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP. The European sovereign debt crisis resulted from a combination of complex factors, including the globalization of finance; easy credit conditions during the 2002–08 period that encouraged high-risk lending and borrowing practices; the 2007–2008 ...
The eurozone is facing its biggest challenge since its inception. Cyprus is the second-smallest economy in the common-currency area, but the reverberations from its bailout crisis are being felt ...
EFSF (European Financial Stability Facility): special purpose vehicle financed by members of the Eurozone to address the European sovereign-debt crisis. EFSM (European Financial Stabilisation Mechanism): emergency funding programme reliant upon funds raised on the financial markets and guaranteed by the European Commission using the budget of ...