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Debt of Spain compared to eurozone average since 1999. Spain had a comparatively low debt level among advanced economies prior to the crisis. [153] Its public debt relative to GDP in 2010 was only 60%, more than 20 points less than Germany, France or the US, and more than 60 points less than Italy or Greece.
Public debt $ and %GDP (2010) for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s that made it difficult or ...
In 1998, eleven member states of the European Union had met the euro convergence criteria, and the eurozone came into existence with the official launch of the euro (alongside national currencies) on 1 January 1999 in those countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain ...
The Eurozone recession has been dated from the first quarter of 2008 to the second quarter of 2009. [2] In the eurozone as a whole, industrial production fell 1.9% in May 2008, the sharpest one-month decline for the region since the Black Wednesday exchange rate crisis in 1992.
13 September – An international alarm over a Eurozone crisis grows. [69] 21 September – S&P have downgraded seven Italian banks after they've dropped Italy's sovereign rating two days ago. [70] 22 September – Greeks reacted with anger and disbelief at a new wave of austerity cuts enacted to keep the country in the Eurozone. [71]
The European economy is going to have a tough few years, if new forecasts are correct. ... Portugal, Ireland, Greece and Spain - are now the eurozone's outperformers. The so-called "PIGS" are ...
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A formal letter of application to join the eurozone was submitted on 13 February 2007. [59] On 16 May 2007 the European Commission, backed by the European Central Bank, gave its go-ahead for the introduction in January 2008. [60] [61] The campaign to inform the citizens of Cyprus about the euro officially began in Cypriot media on 9 March 2007.