9
/10 Severity
European Sovereign Debt Crisis
debt crisis
May 2010
→ Sep 2012
GDP Impact
-2.5%
Countries Affected
20
Duration
28.133333333333 months
Recovery
- months
Description
A multi-year debt crisis affecting several Eurozone countries, particularly Greece, Ireland, Portugal, Spain, and Cyprus, who were unable to repay or refinance their government debt.
Causes
Government debt crisis, housing bubble bursts, banking sector weaknesses, fiscal imbalances, loss of competitiveness.
Consequences
Greece bailouts totaling €289 billion, austerity measures, high unemployment (27% in Greece, 26% in Spain), political instability.
Country Impacts
| Country | GDP Loss | Unemployment + | Duration | Recovery |
|---|---|---|---|---|
| 🇬🇷 Greece | 25.0% | +20.0% | 72 mo | 120 mo |
| 🇮🇪 Ireland | 8.0% | +7.0% | 36 mo | 48 mo |
| 🇵🇹 Portugal | 7.0% | +8.0% | 36 mo | 60 mo |
| 🇪🇸 Spain | 5.0% | +12.0% | 48 mo | 72 mo |
| 🇮🇹 Italy | 3.0% | +4.0% | 36 mo | 60 mo |
Quick Facts
- Event Type
- debt crisis
- Start Date
- May 02, 2010
- End Date
- Sep 06, 2012
- Peak Year
- 2010