Banks and the euro crisis - statistics & facts
The European sovereign debt crisis, often referred to as the Eurozone or euro crisis, was financial crisis in the euro area which has made it difficult or impossible for certain nations to repay or re-finance their government debt.
Post-2008 economic crisis, economic growth rates were low and a high percentage of debt was in the hands of foreign creditors which made it difficult for some governments to finance further budget deficits and service existing debt. The countries who required financial assistance from the Eurozone and IMF were Greece, Italy, Spain, Portugal, Ireland and Cyprus. In the EU, a crisis of confidence emerged as a result of the stark increase in sovereign debt due to bank bailouts; this subsequently widened bond yield spreads and increased the risk of credit defaults.
Post-2008 economic crisis, economic growth rates were low and a high percentage of debt was in the hands of foreign creditors which made it difficult for some governments to finance further budget deficits and service existing debt. The countries who required financial assistance from the Eurozone and IMF were Greece, Italy, Spain, Portugal, Ireland and Cyprus. In the EU, a crisis of confidence emerged as a result of the stark increase in sovereign debt due to bank bailouts; this subsequently widened bond yield spreads and increased the risk of credit defaults.
