You all are well aware about the European Debt Crisis or Eurozone Crisis. But there will be many of you out there who would have just heard about it in some news channel or would have read in some newspaper or over the internet. But what exactly is Eurozone Crisis? What are the reasons behind the Eurozone Crisis? Let’s look into every single aspect of it in detail. Eurozone Crisis-Everything You Need To Know About, is a way to convey all the detailed information about it to you. So, just click on the video posted below and acquaint yourself with the every single detail about Eurozone Crisis. But before that let’s have an overview about it.
Eurozone Crisis- An Overview
The European debt crisis or simply the Eurozone Crisis refers to Europe’s inability to pay the debts it built up in recent decades. The European debt crisis grew out of the U.S. financial crisis of 2008-2009. A slowing global economy exposed the unsustainable financial policies of certain eurozone countries.
The Eurozone is made up of 17 European countries that use the euro, including France, Germany, Spain, and Ireland. Several countries in the Eurozone have borrowed and spent too much since the global recession began, causing them to lose control of their finances.
The European debt crisis can be traced back to October 2009, when Greece’s new government admitted the budget deficit would be double the previous government’s estimate, hitting 12% GDP. After years of uncontrolled spending and nonexistent fiscal reforms, Greece was one of the first countries to buckle under the economic strain.
Now just give a look into the video to get the detailed explanation of the Eurozone Crisis.