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The euro zone crisis was triggered in 2009 when Greece's debts, left by its previous government, reached a record 300 billion euros, leaving the southern European economy with debt levels more than four times higher as a proportion of gross domestic product than the official euro zone cap of 60 per cent of GDP. Since the original problems were uncovered, Greece has been bailed out twice, and lenders have also had to rescue Ireland and Portugal. In the latter half of 2012. Cyprus also required a bailout.
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The EU economy is facing a raft of issues, including Brexit, the transition of leadership in Germany, the violent ‘yellow vest’ protests in France and widespread populism.
The EU economy is facing a raft of issues, including Brexit, the transition of leadership in Germany, the violent ‘yellow vest’ protests in France and widespread populism.
The blow of the UK leaving the union will be considerable, but it is only an exacerbating factor. In a European parliamentary election year, economic stagnation and a turn towards populist politics are far more worrisome.
The blow of the UK leaving the union will be considerable, but it is only an exacerbating factor. In a European parliamentary election year, economic stagnation and a turn towards populist politics are far more worrisome.
The Greek Prime Minister quits after seven months in office, paving the way for a snap election that he hopes will strengthen his hold on power.
The Greek Prime Minister quits after seven months in office, paving the way for a snap election that he hopes will strengthen his hold on power.
Hundreds of anti-austerity protesters gather in front of the parliament in Athens to decry debt deal accepted by Prime Minister Alexis Tsipras. (Photo: Bloomberg)
Hundreds of anti-austerity protesters gather in front of the parliament in Athens to decry debt deal accepted by Prime Minister Alexis Tsipras. (Photo: Bloomberg)
Eurozone ministers say Greece must implement reforms before bailout gets green light. (Photo: AFP)
Eurozone ministers say Greece must implement reforms before bailout gets green light. (Photo: AFP)
German Chancellor Angela Merkel tells Greece the door to talks is still open but urged Athens to act quickly to submit a new proposal. (Photo: Xinhua)
German Chancellor Angela Merkel tells Greece the door to talks is still open but urged Athens to act quickly to submit a new proposal. (Photo: Xinhua)
The "No" vote wins in Greek referendum, triggering celebrations in Athens, and contemplation in Germany. (Photo: Xinhua)
The "No" vote wins in Greek referendum, triggering celebrations in Athens, and contemplation in Germany. (Photo: Xinhua)
IMF Managing Director Christine Lagarde says if Greece leaves the Eurozone, the IMF will continue to engage with Athens in hopes of reform. (Photo: Reuters)
IMF Managing Director Christine Lagarde says if Greece leaves the Eurozone, the IMF will continue to engage with Athens in hopes of reform. (Photo: Reuters)
European Council President Donald Tusk says Greece will not have a stronger negotiating position by voting against bailout in a referendum. (Photo: AFP)
European Council President Donald Tusk says Greece will not have a stronger negotiating position by voting against bailout in a referendum. (Photo: AFP)
We need more money and soon, says Greece. We have no more to give, counters Germany.
We need more money and soon, says Greece. We have no more to give, counters Germany.
In Paris and Rome, it was sugar coated; in Berlin and Frankfurt unequivocal. But the message from European capitals to Greece's new leaders was the same at every stop on last week's tour - stick to your commitments.
In Paris and Rome, it was sugar coated; in Berlin and Frankfurt unequivocal. But the message from European capitals to Greece's new leaders was the same at every stop on last week's tour - stick to your commitments.
The strong showing of populist and anti-establishment parties in last weekend's European Parliament elections had been on the cards for some time.
The strong showing of populist and anti-establishment parties in last weekend's European Parliament elections had been on the cards for some time.
As 2013 draws to a close, it appears that the worst of the crisis in Europe's ailing single currency area has passed. For the past year or so, the bond markets of the periphery of the euro zone, which in 2011 and the first half of last year were a byword for panic and surging yields, have proved extremely resilient.
As 2013 draws to a close, it appears that the worst of the crisis in Europe's ailing single currency area has passed. For the past year or so, the bond markets of the periphery of the euro zone, which in 2011 and the first half of last year were a byword for panic and surging yields, have proved extremely resilient.
Tens of thousands of Greeks marched through central Athens on Wednesday, as the new coalition government hammered out a package of 11.5 billion euros in spending cuts.
Tens of thousands of Greeks marched through central Athens on Wednesday, as the new coalition government hammered out a package of 11.5 billion euros in spending cuts.