Eurozone Crisis

European Sovereign debt crisis which is commonly known as eurozone crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or refinance their government debt without the assistance of third parties.

From late 2009 fears of debt crisis developed among investors as a result of the rising private and government debt levels around the world.In many countries private debts arising from a property bubble were transferred to sovereign debt as a result of banking system bailouts.

The structure of eurozone as a monetary union(one currency) without fiscal union(different tax and public pension rules) contributed to the eurozone crisis.

The crisis did not only introduce adverse economic effects for the worst hit countries but also had a major political impact on the ruling governments in 8 out of 17 eurozone countries leading to power shifts in Greece,Ireland,Italy,Portugal,Spain,Slovenia,Slovakia and Holland.

By the end of 2012 the debt crisis forced five out of 17 eurozone countries i.e-Greece,Ireland,Portugal,Spain and Cyprus to seek help from other nations.

The european bailouts are largely about shifting exposure from banks who otherwise are lined up for losses on the sovereign debt they have piled up,on to european taxpayers and hence there is so much unrest in some european countries.

There is speculation about the breakup of the common european currency euro due to eurozone crisis.We should hope for the best of Europe during its ongoing crisis and trying times.

Does religion and faith in god has to do something with this ongoing eurozone crisis,is also a factor which needs research because it is said that 60% of the youth(girls as well as boys)of europe do not go to church and don’t believe in god.