imported>Chunbum Park |
imported>John Stephenson |
| (193 intermediate revisions by 8 users not shown) |
| Line 1: |
Line 1: |
| The '''[[eurozone crisis]]''' that started in 2010 arose from doubts about the ability of some eurozone governments to service their debts. .
| | {{:{{FeaturedArticleTitle}}}} |
| The financial assistance given to those governments has failed restore the confidence of the markets, and bond market investors have become reluctant to buy the bonds being issued by some other eurozone governments. There are uncertainties about the willingness of the major eurozone governments to provide the further assistance that may be needed, and fears that there may be a breakup of the eurozone and a global financial crisis if they do not.
| | <small> |
| | | ==Footnotes== |
| ====Overview==== | | {{reflist|2}} |
| The crisis started early in 2010 with the revelation that, without external assistance, the Greek government would be forced to default on its debt. The assistance that was provided by other eurozone governments enabled the Greek government to continue to roll-over maturing debts until, in the latter half of 20ll, it became evident that a default could no longer be avoided. In the meantime, investors' fears of default had increased the cost of borrowing to other eurozone governments, making it necessary to provide financial assistance to the governments of both Ireland and Portugal. By September 2011, the international community had become aware of the danger that a Greek government default, and that its repercussions could administer a shock to the world economy comparable to the shock that triggered the Great Recession. Plans were initiated to provide the financial support needed to avoid a comparable malfunction of the global financial system. Substantial political obstacles would have to be overcome before such plans could be put into effect.
| | </small> |
| | |
| ====Background to the crisis====
| |
| In 1991, leaders of the 15 countries that then made up the European Union, set up a monetary union with a single currency. There were strict criteria for joining (including targets for inflation, interest rates and budget deficits), and other rules that were intended to preserve its members' fiscal sustainability were added later. No provision was made for the expulsion of countries that did not comply with its rules, nor for the voluntary departure of those who no longer wished to remain, but it was intended to impose financial penalties for breaches.
| |
| | |
| Greece joined, what by then was known as the eurozone, in 2001, Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009.
| |
| The current membership comprises Belgium, Germany¸ Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, The Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland. Bulgaria, Czech Republic.
| |
| | |
| The non-members of the eurozone among members of the European Union are Denmark, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Sweden and the United Kingdom.
| |
| | |
| ''[[Eurozone crisis|.... (read more)]]''
| |
| {|align="center" cellpadding="5" style="background:lightgray; width:95%; border: 1px solid #aaa; margin:10px; font-size: 92%;" | |
| | In addition to the following text, this article comprises:<br> - a [[Eurozone crisis/Addendum#Crisis development by country|'''country-by-country summary''']] of the development of the crisis;<br> - [[Eurozone crisis/Timelines|'''links to contemporary reports''']] of the main events of the crisis;<br> - notes on [[Eurozone crisis/Tutorials#The debt trap|'''the debt trap''']], the eurozone's departures from [[Eurozone crisis/Tutorials#Departures from optimum currency area criteria| '''optimum currency area criteria''']], and on [[Eurozone crisis/Tutorials#The eurobond proposal|'''the eurobond proposal''']]; and,<br> - tabulations of the [[Eurozone crisis/Addendum#Fiscal characteristics|'''fiscal characteristics of the PIIGS countries''']] , and their [[Eurozone crisis/Addendum#GDP growth|'''GDP growth rates''']]
| |
| |}
| |
Napoleon (Napoleon Bonaparte or, after 1804, Napoleon I, Emperor of the French) was a world historic figure and dictator of France from 1799 to 1814. He was the greatest general of his age--perhaps any age, with a sure command of battlefield tactics and campaign strategies, As a civil leader he played a major role in the French Revolution, then ended it when he became dictator in 1799 and Emperor of France in 1804 He modernized the French military, fiscal, political legal and religious systems. He fought an unending series of wars against Britain with a complex, ever-changing coalition of European nations on both sides. Refusing to compromise after his immense defeat in Russia in 1812, he was overwhelmed by a coalition of enemies and abdicated in 1814. In 1815 he returned from exile, took control of France, built a new army, and in 100 days almost succeeded--but was defeated at Waterloo and exiled to a remote island. His image and memory are central to French national identity, but he is despised by the British and Russians and is a controversial figure in Germany and elsewhere in Europe.
Rise to Power
Once the Revolution had begun, so many of the aristocratic officers turned against the Revolutionary government, or were exiled or executed, that a vacuum of senior leadership resulted. Promotions came very quickly now, and loyalty to the Revolution was as important as technical skill; Napoleon had both. His demerits were overlooked as he was twice reinstated, promoted, and allowed to collect his back pay. Paris knew him as an intellectual soldier deeply involved in politics. His first test of military genius came at Toulon in 1793, where the British had seized this key port. Napoleon, an acting Lieutenant-Colonel, used his artillery to force the British to abandon the city. He was immediately promoted by the Jacobin radicals under Robespierre to brigadier-general, joining the ranks of several brilliant young generals. He played a major role in defending Paris itself from counter-revolutionaries, and became the operational planner for the Army of Italy and planned two successful attacks in April 1794. He married Josephine (Rose de Beauharnais) in 1796, after falling violently in love with the older aristocratic widow.[1]
- ↑ Englund pp 63-73, 91-2, 97-8
