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About: Causes of the European debt crisis     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : dbo:MilitaryConflict, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

Type: military conflict New Facet based on Instances of this Class

The European debt 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, Italy and other countries tried to artificially reduce their budget deficits deceiving EU officials with the help of derivatives designed by major banks. Although some financial institutions clearly profited in the short run, there was a long lead-up to the crisis.