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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.
From late 2009, fears of a sovereign debt crisis in some European states developed, with the situation becoming particularly tense in early 2010. [1] [2] Greece was most acutely affected, but fellow Eurozone members Cyprus, Ireland, Italy, Portugal, and Spain were also significantly affected.
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.
Spain's government forecast the unemployment rate would rise to 10.4 percent in 2008 and to 12.5 percent in 2009. Spain's second largest bank BBVA predicted the unemployment rate could reach 14 percent in 2009. [17] Spain's Purchasing Managers' Index for the manufacturing sector in July fell to a new low suggesting a deep recession. [18]
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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 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 ...
Countries began to withdraw from eurozone assistance programs (Ireland in December 2013, [18] Spain in January 2014, [19] Portugal in May 2014 [20]). Despite these improvements, the crisis resurfaced in January 2015, when Alexis Tsipras and the left-wing SYRIZA party were elected in Greece on the promise of ending austerity while remaining in ...