Economic Issues
Greek Economic Crisis
Following the Greek recession of 2007-8, and the revelation that the debt had been under represented, starting in late 2009 people lost faith in the Greek economy and it deteriorated relative to other Eurozone countries. In response, the government increased taxes and cut spending, which led to riots across the country. Greece still needed bailout loans and could not repay all its debt.
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The Great Spanish DepressionAn situation similar to that of Greece begun affecting Spain in 2008, sending the country into a recession. It was triggered by the 2007-2008 world financial crisis and a local real estate bubble and unsustainable property growth. The country was unable to bailout its financial sector and had to apply for a 100 billion euro rescue package.
Italy's Economic IssuesLike Spain and Greece, Italy was hit by the 2007-2008 financial crisis, though not as hard. Key economic issues facing Italy today are low growth and unemployment, large debt, and unstable banks. Italy's GDP hasn't really increased since 2000. Unemployment, has increased to 12% and gross public debt has remained high for a number of years.
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