Eurozone Debt Crisis

The Eurozone Debt Crisis was a financial crisis that began around 2009, when several European countries using the euro faced overwhelming debt levels. High debt made it difficult for these countries to borrow money or pay existing debts, causing fears of default. This led to financial instability, government bailouts, and austerity measures to reduce spending. The crisis highlighted the interconnectedness of eurozone economies and raised questions about financial regulation, leading to reforms aimed at preventing future debt problems within the euro area.