News about European Sovereign Debt Crisis . Commentary and archival information about European Sovereign Debt Crisis from The New York. Take a look at CNN's Fast Facts on the European Debt Crisis and the affected countries of Cyprus, Greece, Ireland, Italy, Portugal and Spain. Despite years of attempted austerity and economic reforms, the European Union is still facing a crisis due to the debt that Greece has.
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European debt crisis - Wikipedia
euro debt crisis As part of the loan agreements, countries receiving bailout funds were required to meet austerity measures designed to slow down the growth of public-sector debt. Seventeen eurozone countries voted to create the EFSF inspecifically to address and assist the European sovereign debt crisis.
The European Sovereign Debt Crisis peaked in to September 7, - The Italian Senate votes to approves an austerity package designed to bring down the country's soaring budget deficit.
November 8, - The office of Italian President Giorgio Napolitano announces that Prime Minister Silvio Berlusconi will resign when the country's budget is confirmed by the senate.
Measures euro debt crisis selling state assets and raising the retirement age. January 15, - Euro debt crisis treasury issues a statement to reassure investors of the government's commitment to deficit reduction.
January 20, - The government announces that it is freezing government wages and reducing the number of government workers through attrition. January 26, - The government announces that the budget deficit is actually 9. March 8, - The government announces new austerity measures, including more privatization, caps euro debt crisis wages and tax increases.
European Sovereign Debt Crisis
Tens of thousands of public workers strike. Portugal implements tax increases and salary reductions for public workers, including politicians. March 8, - Portugal announces an austerity program. May euro debt crisis, - Portugal announces another round of austerity measures.
Large demonstrations break out in Lisbon, to protest against austerity plans.
March 23, - Prime Minister Jose Socrates resigns. He continues in the position as a caretaker until June.
European Debt Crisis Fast Facts
April 6, - Portugal requests a bailout from the EU. Pedro Passos Coelho becomes the new prime minister. Portugal announces it is exiting the bailout program. January - Euro debt crisis enters its first recession in 15 years.
- European debt crisis: It's not just Greece that's drowning in debt
- European Debt Crisis Fast Facts - CNN
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January 29, - Spain announces that its budget deficit in was February 3, - Spain forecasts that its budget deficit in will be 9. February 5, - Large euro debt crisis erupt when the government announces plans to raise the retirement age. Euro debt crisis plan includes cutting public employees' wages and cutting welfare benefits.
June 8, - Spanish unions protest the austerity plan with a one-day strike.
September - Euro debt crisis passes a law that makes it easier for companies to fire workers. September - General strike called by unions to oppose the spending cuts.
January - The government and unions reach an agreement over pension reform. The retirement euro debt crisis is raised from 65 to Young people protest unemployment in Madrid, Barcelona and Valencia.
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June - The European Banking authority carries out "stress tests" on Spanish banks. This in turn made it difficult for four out of eighteen Eurozone governments to finance further budget deficits and repay or refinance existing government debtparticularly when economic growth rates were low, and when a high percentage of debt was in the hands of foreign creditors, as in the case of Greece and Portugal.
The states that were adversely affected by the crisis faced a strong rise in interest rate spreads for government bonds as euro debt crisis result of investor concerns about their future debt sustainability.
Four eurozone states had euro debt crisis be rescued by sovereign bailout programs, which were provided jointly by the International Monetary Fund and the European Commissionwith additional support at the technical level from the European Central Bank.