European Debt Crisis: Overview

Jones, Clinton W.
March 2019
Points of View: European Debt Crisis;3/29/2019, p1
The European debt crisis was a financial emergency affecting several member countries of the European Union (EU). In particular, the crisis affected EU countries in the Eurozone, the term used to refer to countries that share the euro as a common currency. The crisis was rooted in massive government debts held by Eurozone countries and their inability to repay these debts. These debt problems were most acute in southern Eurozone nations such as Greece, Portugal, Italy, Spain, and Malta. However, Ireland also incurred severe financial problems related to its sovereign debt. Each of those countries continued to run budget deficits, and they are having difficulty financing those deficits in the traditional manner of selling bonds on international bond markets.


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