It passed a year since the first voices of concern were heard. Then there were few people to think that a debt crisis could hit large European economies. The financial crisis from 2008 put the pressure on the banking systems and many countries decided to bail out their financial systems by increasing sovereign debt.
In 2010 the debt crisis hit Greece, a member state of the eurozone. A €110 billion loan from International Monetary Fund (IMF) and EU members was expected to solve the problem in Greece as the country agreed to implement harsh austerity measures. Another two huge loans followed: a €85 billion for Ireland in November 2010, and a €78 billion loan for Portugal in May 2011. (more…)