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May 8, 2019 · Greece has the highest government debt-to-GDP ratio of any European Union member state, according to new figures from Eurostat, the EU’s statistical office. At the end of 2018, its debt stood at 181% of national GDP, an increase of 5 percentage points from the previous year.
In various countries, the euro is accepted by some merchants despite not being the official currency there. Additionally, it is sometimes used for pricing purposes even when actual payments are made in the official currency (e.g., for real estate).
Jun 13, 2012 · Concern starts to build about all the heavily indebted countries in Europe - Portugal, Ireland, Greece and Spain. On 11 February, the EU promises to act over Greek debts and tells Greece...
Standard & Poor’s downgrades nine euro-zone countries, stripping France and Austria of their AAA ratings and classifying the debts of Portugal and Cyprus as junk. This makes Portugal the second European country (after Greece) to have its debt downgraded to non-investment status by all three ratings agencies.
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s.
The sovereign debt crisis that rocked the euro zone beginning in 2009 was the biggest challenge yet faced by the members of the EU and, in particular, its administrative structures.
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Although all EU countries are part of the Economic and Monetary Union (EMU), 20 of them have replaced their national currencies with the single currency – the euro. These EU countries form the euro area, also known as the eurozone.
