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About: Controversies surrounding the eurozone crisis     Goto   Sponge   NotDistinct   Permalink

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The eurozone crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. Greece hid its growing debt and deceived EU officials with the help of derivatives designed by major banks.Although some financial institutions clearly profited from the growing Greek government debt in the short run, there was a long lead-up to the crisis.