27 Eurozone crisis

The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that has been taking place in the European Union (EU) since the end of 2009. Several eurozone member states were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).

The 2008–2014 Spanish financial crisis, also known as the Great Recession in Spain or the Great Spanish Depression, began in 2008 during the world financial crisis of 2007–08. In 2012, it made Spain a late participant in the European sovereign debt crisis when the country was unable to bail out its financial sector and had to apply for a €100 billion rescue package provided by the European Stability Mechanism (ESM).

This is a list of acronyms and initialisms associated with the eurozone crisis.

The European debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties.

The Eurozone crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties.

Crucible of Resistance: Greece, the Eurozone and the World Economic Crisis is a nonfiction book by the Greek economists Euclid Tsakalotos and Christos Laskos. The book was published on 5 September 2013 by Pluto Press.

The Democracy in Europe Movement 2025, or DiEM25, is a pan-European political movement founded in 2016 by a group of Europeans, including former Greek Finance Minister Yanis Varoufakis and Croatian philosopher Srećko Horvat. The movement was officially launched at ceremonial events on 9 February 2016 in the Volksbühne theatre in Berlin and on 23 March in Rome.

The Economic and Monetary Union (EMU) is an umbrella term for the group of policies aimed at converging the economies of member states of the European Union at three stages. The policies cover the 19 eurozone states, as well as non-euro European Union states.

The Eurozone crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties.

European debt crisis contagion refers to the possible spread of the ongoing European sovereign-debt crisis to other Eurozone countries. This could make it difficult or impossible for more countries to repay or re-finance their government debt without the assistance of third parties. By 2012 the debt crisis forced 5 out of 17 Eurozone countries to seek help from other nations. Some believed that negative effects could spread further possibly forcing one or more countries into default.

The Eurozone crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties.

The First Economic Adjustment Programme for Greece, initially called the Economic Adjustment Programme for Greece and usually referred to as the first bailout package or the first memorandum, is a memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis.

The 2008–2014 Spanish financial crisis, also known as the Great Recession in Spain or the Great Spanish Depression, began in 2008 during the world financial crisis of 2007–08. In 2012, it made Spain a late participant in the European sovereign debt crisis when the country was unable to bail out its financial sector and had to apply for a €100 billion rescue package provided by the European Stability Mechanism (ESM).

Greece faced a sovereign debt crisis in the aftermath of the financial crisis of 2007–08. Widely known in the country as The Crisis, it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. In all, the Greek economy suffered the longest recession of any advanced mixed economy to date. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country.

Vasiliki "Vicky" Pryce is a Greek-born British economist, and former Joint Head of the United Kingdom's Government Economic Service. On 7 March 2013, Pryce and her former husband, Chris Huhne, were convicted of perverting the course of justice and sentenced to eight months in prison, after Huhne pleaded guilty; they both served nine weeks in prison.

The post-2008 Irish economic downturn in the Republic of Ireland, coincided with a series of banking scandals, followed the 1990s and 2000s Celtic Tiger period of rapid real economic growth fuelled by foreign direct investment, a subsequent property bubble which rendered the real economy uncompetitive, and an expansion in bank lending in the early 2000s. An initial slowdown in economic growth amid the international financial crisis of 2007–2008 greatly intensified in late 2008 and the country fell into recession for the first time since the 1980s. Emigration, as did unemployment, escalated to levels not seen since that decade.

The Irish property bubble was the speculative excess element of a long-term price increase of real estate in the Republic of Ireland from the early 2000s to 2007, a period known as the later part of the Celtic Tiger. In 2006, the prices peaked at the top of the bubble, with a combination of increased speculative construction and rapidly rising prices; in 2007 the prices first stabilised and then started to fall until 2010 following the shock effect of the Great Recession. By the second quarter of 2010, house prices in Ireland had fallen by 35% compared with the second quarter of 2007, and the number of housing loans approved fell by 73%.

This is a list of people associated with the eurozone crisis.

PIGS is an acronym used in economics and finance. The PIGS acronym originally refers, often derogatorily, to the economies of the Southern European countries of Portugal, Italy, Greece, and Spain. During the European debt crisis, the variant PIIGS, or GIPSI, was also increasingly used to refer to the economies of Portugal, Ireland, Italy, Greece, and Spain, EU member states that were unable to refinance their government debt or to bail out over-indebted banks on their own during the crisis.

The post-2008 Irish banking crisis was the situation whereby, due to the Great Recession, a number of Irish financial institutions faced almost imminent collapse due to insolvency. In response, the Irish government instigated a €64 billion bank bailout. This then led to a number of unexpected revelations about the business affairs of some banks and business people. Ultimately, added onto the deepening recession in the country, the banks bailout was the primary reason for the Irish government requiring IMF assistance and a total restructuring of the Irish Government occurred as result of this.

The proposed long-term solutions for the Eurozone crisis involve ways to deal with the ongoing Eurozone crisis and the risks to Eurozone country governments and the Euro. They try and deal with the difficulty that some countries in the euro area have experience trying to repay or re-finance their government debt without the assistance of third parties. The solutions range from tighter fiscal union, the issuing of Eurozone bonds to debt write-offs, each of which has both financial and political implications, meaning no solution has found favour with all parties involved.

The Single Resolution Mechanism (SRM) is one of the pillars of the European Union's banking union. The Single Resolution Mechanism entered into force on 19 August 2014 and is directly responsible for the resolution of the entities and groups directly supervised by the European Central Bank as well as other cross-border groups. The centralised decision making is built around the Single Resolution Board (SRB) consisting of a Chair, a Vice Chair, four permanent members, and the relevant national resolution authorities.

The Single Supervisory Mechanism (SSM) is the first pillar of the European banking union and is the legislative and institutional framework that grants the European Central Bank (ECB) a leading supervisory role over banks in the EU. The ECB directly supervises the larger banks while it does it indirectly for the smaller ones. Eurozone countries are required to participate, while participation is voluntary for non-eurozone EU member states. In October 2020, two non-Eurozone countries joined the European banking supervision mechanism through a process known as close cooperation: Bulgaria and Croatia. As of early 2021, the SSM directly supervises 115 banks across the Union, representing almost 82% of banking assets of these countries. The SSM, along with the Single Resolution Mechanism are the two central components of the European banking union.

The Spanish property bubble is the collapsed overshooting part of a long-term price increase of Spanish real estate prices. This long-term price increase has happened in various stages from 1985 up to 2008. The housing bubble can be clearly divided in three periods: 1985–1991, in which the price nearly tripled; 1992–1996, in which the price remained somewhat stable; and 1996–2008, in which prices grew astonishingly again. Coinciding with the financial crisis of 2007–08, prices began to fall. In 2013, Raj Badiani, an economist at IHS Global Insight in London, estimated that the value of residential real estate has dropped more than 30 percent since 2007 and that house prices would fall at least 50 percent from the peak by 2015. According to Alcidi and Gros note, “If construction were to continue at the still relatively high rate of today, the process of absorption of the bubble would take more than 30 years.”

The European Semester of the European Union was established in 2010 as an annual cycle of economic and fiscal policy coordination. It provides a central framework of processes within the EU socio-economic governance. The European Semester is a core component of the Economic and Monetary Union (EMU) and it annually aggregates different processes of control, surveillance and coordination of budgetary, fiscal, economic and social policies. It also offers a large space for discussions and interactions between the European institutions and Member States. As a recurrent cycle of budgetary cooperation among the EU Member States, it runs from November to June and is preceded in each country by a national semester running from July to October in which the recommendations introduced by the Commission and approved by the Council are to be adopted by national parliaments and construed into national legislation. The European Semester has evolved over the years with a gradual inclusion of social, economic, and employment objectives and it is governed by mainly three pillars which are a combination of hard and soft law due a mix of surveillance mechanisms and possible sanctions with coordination processes. The main objectives of the European Semester are noted as: contributing to ensuring convergence and stability in the EU; contributing to ensuring sound public finances; fostering economic growth; preventing excessive macroeconomic imbalances in the EU; and implementing the Europe 2020 strategy. However, the rate of the implementation of the recommendations adopted during the European Semester has been disappointing and has gradually declined since its initiation in 2011 which has led to an increase in the debate/criticism towards the effectiveness of the European Semester.

The Wolfson Economics Prize is a £250,000 economics prize, the second largest economics prize in the world after Nobel. The Wolfson Prize is sponsored by The Baron Wolfson of Aspley Guise, CEO of retailer Next plc, and run in partnership with the think tank Policy Exchange. The Prize invites new thinking to address major economic policy issues that aren't already subject to significant public discourse. The Prize has been run on four occasions in 2012, 2014, 2017 and 2021.