The European Debt Crisis began in late 2009 when the newly elected Greek government disclosed that its budget deficit was far larger than previously reported, which drove up borrowing costs across the more indebted members of the eurozone. Greece, Ireland, Portugal and Cyprus were ultimately unable to manage their debt without outside help; Greece received its first European Union and International Monetary Fund bailout in May 2010, and the European Financial Stability Facility and, later, the European Stability Mechanism were created to fund further rescues. The European Central Bank lowered interest rates and supplied more than a trillion euros in cheap loans to the banking system, and the crisis forced a lasting debate over whether a currency union can survive without a shared fiscal authority behind it.
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Event DateCited source dates the onset to "late 2009," when the Greek government disclosed that its budget deficits were far higher than previously reported. Exact day is not stated in the cited passage; dated to October, the month of the Greek election and the deficit revision. LocationGreece, Ireland, Portugal and Cyprus, eurozone 1 Connections
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Additional Source Euro area crisis (Wikipedia)European debt crisis
The IMF was one of the three troika institutions, with the European Commission and the ECB, that coordinated the bailout programs for Greece, Ireland, Portugal and Cyprus.
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Additional Source Euro area crisis (Wikipedia)European debt crisis, lead section
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Source Euro area crisis (Wikipedia)LeadQuote, Lead
The euro area crisis, also known as the eurozone 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.
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1. Wikipedia
Wikimedia FoundationAssociated With: Paul Krugman, European sovereign debt crisis, Less austerity, more investment section
US economist and Nobel laureate Paul Krugman argues that an abrupt return to "'non-Keynesian' financial policies" is not a viable solution. Pointing at historical evidence, he predicts that deflationary policies now being imposed on countries such as Greece and Spain will prolong and deepen their recessions.
Associated With School: Keynesian Economics, European sovereign debt crisis, Less austerity, more investment section
US economist and Nobel laureate Paul Krugman argues that an abrupt return to "'non-Keynesian' financial policies" is not a viable solution. Pointing at historical evidence, he predicts that deflationary policies now being imposed on countries such as Greece and Spain will prolong and deepen their recessions.
View the Source Euro area crisis (Wikipedia)
European debt crisis
European nations implemented a series of financial support measures
European debt crisis, Causes section
The onset of crisis was in late 2009 when the Greek government disclosed that its budget deficits were far higher than previously thought.
Associated With: International Monetary Fund, European debt crisis, lead section
Assistance was needed from other eurozone countries, the European Central Bank (ECB), and the International Monetary Fund (IMF)
In Group: Asian, European and Russian Debt and Currency Crises, Lead
The euro area crisis, also known as the eurozone 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.
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