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Chapter 1: Launch Intro Historically, economic downturn possess been adopted by a influx of government authorities defaulting on their debts commitments. The global financial background provides experienced sovereign debts emergency such as in Latin U . s during the 80s, in Russia at the final end of the 90s and in Argentina in the starting of the 00s. The European debt crisis is the most significant of its kind that the financial world was seen started from 2010. Monetary downturn are likely to lead to, or exacerbate, sharpened financial downturns, low authorities earnings, widening authorities failures, and high amounts of debts, pressing many government authorities into default. Portugal is normally presently facing such a sovereign personal debt situation and Europe’s most indebted nation despite its excess in the early 2000s. Portugal gathered high amounts of personal debt during the 10 years before the emergency, when the capital marketplaces had been liquefied extremely. As the crisis has unfolded, and capital markets have become more illiquid, Greece may simply no become capable to move over its growing old debts responsibilities much longer. Investment by both the private and the public sectors has ground to a halt. Public sector debt has increased substantially as the state had to depend on official assistance to payroll expenses, financial finance and debt public obligations. An overview is provided by this paper of the crisis, outlines the major causes of the crisis, examine alternative solutions to the problem The Causes Greece has emerged as one of the quickest growing economies in the EU since the mid-1990s when it has recorded strong GDP growth, outperforming EU averages significantly. Greece was one of the quickest growing countries in the Eurozone with an annual growth rate of 4.3 % from about 2000 to 2007 likened to Eurozone standard of 3.1...