What was the beginning year of the European debt crisis that particularly affected Portugal, Italy, Greece, and Spain?
European debt crisis The European debt crisis (often also referred to as the Eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other Eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
Greek withdrawal from the eurozone The Greek withdrawal from the eurozone is the potential exit of Greece from the eurozone, primarily for the country to deal with its government-debt crisis. This conjecture is often referred to as "Grexit", a portmanteau combining the English words "Greek" and "exit". The term "Graccident" (accidental Grexit) was coined for the case that Greece exited the EU and the euro without intention. These terms first came into use in 2012 and have been revitalised at each of the bailouts made available to Greece since then.