European Debt Crisis

The European Debt Crisis, occurring from 2009 onwards, was a financial crisis affecting several Eurozone countries, primarily Greece, Ireland, Portugal, Spain, and Italy. It arose from high government debt levels and poor economic performance, leading to fears that these countries could default on their loans. As borrowing costs soared, the European Union and the International Monetary Fund intervened with bailouts and austerity measures to stabilize economies. The crisis highlighted weaknesses in the Eurozone’s economic structure and raised questions about fiscal responsibility and unity among member states, impacting economic policies across Europe.