European debt crisis, also known as Eurozone sovereign debt crisis, is an ongoing multi-year debt crisis happening in many Eurozone countries. After the great recession of 2008 hit the world, some of the European nationalized banks felt the pressure of shrinking market and was unable to sustain on their own without help from the International Monetary Fund (IMF) and European Central Bank because of their huge loan exposure to public sector of different Eurozone countries, which they were unable to recover (BBC, 2012). This started the sovereign debt crisis in Europe towards the late 2009 with Greece and Ireland Continue reading...