POST COLD WAR WORLD
INTEGRATION OF EUROPE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Belgium
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Germany
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France
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Luxembourg
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Detailed explanation-1: -period of economic uncertainty in the euro zone beginning in 2009 that was triggered by high levels of public debt, particularly in the countries that were grouped under the acronym “PIIGS” (Portugal, Ireland, Italy, Greece, and Spain).
Detailed explanation-2: -The Eurozone Crisis began in late 2009 when Greece revealed that its debt had reached 300 billion euros. This was about 113% of its gross domestic product (GDP). The realization came despite EU warnings to several countries about their excessive debt levels; these were supposed to be capped at 60% of GDP.
Detailed explanation-3: -The European Sovereign Debt Crisis refers to the financial crisis that occurred in several European countries due to high government debt and institutional failures. The crisis began in 2009 when Greece’s sovereign debt reportedly reached 113% of GDP – almost twice the limit of 60% set by the Eurozone.