The ongoing Eurozone debt crisis, first commenced in May 2010 and continues with a global recovery. Along with the recovery in 2013, the Dow Jones Industrial Average hit a 5-year high on Tuesday, May 28, 2013, and it continues to rise slowly. The Dow had its longest stretch of gains since the late 1990s tech boom. However, economic issues including inflation and an increase in commodity prices sparked immense unrest in many lower-income countries. In some countries, particularly those in the Arab world, political unrest evolved into socioeconomic crises, which set off numerous revolutions, including those in Kyrgyzstan and Tunisia in 2010, and Libya, Syria, Yemen and Egypt in 2011 and 2012. This trend, commonly known as the Arab Spring, continues as of this article in March 2015
Greece’s Debt Crisis And The Future Of Europe – Greece on the Brink
The Greek government-debt crisis (also known as the Greek Depression in reference to the Great Depression) is part of the ongoing European debt crisis, being triggered by the turmoil of the Great Recession, and believed to have been directly caused locally in Greece by a combination of structural weaknesses of the Greek economy along with a decade long pre-existence of overly high structural deficits and debt-to-GDP levels on public accounts. In late 2009, fears of a sovereign debt crisis developed among investors concerning Greece’s ability to meet its debt obligations, due to a reported strong increase in government debt levels along with continued existence of high structural deficits. This led to a crisis of confidence, indicated by a widening of bond yield spreads and the cost of risk insurance on credit default swaps compared to the other countries in the Eurozone, most importantly Germany.