Eurozone crisis

E72910

European political crisis economic crisis financial crisis sovereign debt crisis

The Eurozone crisis was a prolonged period of financial turmoil and sovereign debt instability in several European Union member states, particularly in the early 2010s, that threatened the stability of the euro currency and required extensive bailouts and austerity measures.

Aliases (1)

European sovereign debt crisis ×2

Statements (65)

Predicate	Object
instanceOf	European political crisis → economic crisis → financial crisis → sovereign debt crisis →
affectedCountry	Cyprus → Eurozone peripheral states → France → Germany → Greece → Ireland → Italy → Portugal → Spain →
alsoKnownAs	European sovereign debt crisis →
consequence	creation of new Eurozone financial backstop mechanisms → debate over the future of the euro currency → high unemployment in several Eurozone states → implementation of austerity measures in affected countries → increased role of the European Central Bank in crisis management → political instability in several Eurozone members → recession in multiple European economies → rise of Eurosceptic political parties in Europe → social unrest and protests in affected countries → strengthening of EU fiscal governance rules →
currency	euro →
endTime	circa 2014 →
hasComponent	bailout programs for member states → banking crisis in several Eurozone countries → negotiations over debt restructuring → sovereign bond market turmoil →
keyEvent	Cypriot financial crisis and bailout → European Central Bank announcement of Outright Monetary Transactions → Greek government-debt crisis → Irish banking crisis and bailout → Portuguese bailout → Spanish banking sector rescue → creation of the European Financial Stability Facility → creation of the European Stability Mechanism → credit rating downgrades of several Eurozone sovereigns → introduction of austerity programs in several Eurozone countries → sovereign bond yield spikes in peripheral Eurozone countries →
location	European Union → Eurozone →
mainCause	banking sector vulnerabilities in Europe → global financial crisis of 2007–2008 → high sovereign debt levels in several Eurozone countries → housing bubbles and their collapse in some member states → imbalances between core and peripheral Eurozone economies → loss of investor confidence in peripheral Eurozone economies → structural weaknesses in the design of the euro →
managedBy	Eurogroup → European Central Bank → European Commission → International Monetary Fund →
policyResponse	bank recapitalizations → fiscal consolidation measures → sovereign debt restructuring in Greece → structural reforms in labor and product markets →
relatedTo	European debt crisis policy responses → Great Recession → global financial crisis of 2007–2008 →
startTime	2009 →
threatened	integrity of the Eurozone → stability of the euro currency →
timePeriod	early 2010s →

Referenced by (3)

Subject (surface form when different)	Predicate
Eurozone crisis ("European sovereign debt crisis") →	alsoKnownAs
Rutte II cabinet →	context
European Financial Stability Facility ("European sovereign debt crisis") →	createdDuring