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European debt 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
since the end of 2009. Several
eurozone
member states (
Greece
,
Portugal
,
Ireland
,
Spain
and
Cyprus
) 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).
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