Eurozone Crisis

The Crisis of Europe

Europe 2011.0319

Eurozone Crisis

Eurozone crisis (19 March 2011)

Historical Map of Europe & the Mediterranean

In 2008 a major financial crisis had broken out in the US and rapidly spread to Europe. Its impact was greatest on Greece, Ireland and Portugal, small countries who had joined the single currency eurozone in the previous decade and were now heavily in debt in a currency over which they had no control.

Main Events

Albania and Croatia join NATO

US troops withdrawn from Iraq

European sovereign-debt crisis in the euro zone

Arab Spring

Starting in Tunisia, revolutionary protests sweep Arab world. The Tunisian government is overthrown in January 2011; President Hosni Mubarak resigns in Egypt in February; Libya collapses into a civil war, leading to the capture and execution of dictator Muammar Gaddafi in October. Protests also occur in Oman, Yemen, Syria, and Morocco. However by early 2012, the tide has subsided and the regimes have begun to reassert themselves.

NATO intervention in Libyan Civil War

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