World Crisis Database

  • Type: Economic
  • Location: Europe
Economic Impact
  • 300000000000 USD
Human Impact
  • Deaths: 0
  • Injured: 0
  • Missing: 0
  • Displaced: 840000
Resources Needed
  • money
  • Cooperation amongst governments in Europe
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European Debt Crisis

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Summary

The European debt crisis is an ongoing debt crisis that has caused many countries to be unable to finance their own government debt. It was caused by the globalization of finance, easy credit conditions of 2002- 2008 that encouraged high-risk lending and borrowing practices, international trade imbalances, real- estate bubbles, high entitlement spending, and fiscal policy choices related to government revenues and spending.

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