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A '''[[destroyer]]''' is a type of warship, the nature of which has evolved since it first came into use, roughly at the beginning of the twentieth century. Several other warship designations have, at different times and in different navies, overlapped the "destroyer" role. Most common among these roles are cruiser and ocean escort.  Another type of vessel, whose nomenclature is the root of "destroyer", has been called "torpedo boat" and exists in new forms generically called fast attack craft.
The  '''[[eurozone crisis]]''' that started in 2010 arose from doubts about the ability of some eurozone governments to service their debts. .
====Initial usage====
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.
When the modern self-propelled torpedo was invented, in 1866, by Robert Whitehead, it was initially added to conventional warships, but navies soon realized that a small, fast craft, with a main battery of torpedoes, could threaten much larger warships such as battleships. The battleship of the early 20th century was the largest, most heavily armed, and most heavily protected warship type, but relatively slow and not extremely maneuverable. Torpedo boats were generally not capable of long-range steaming or being seaworthy in the "blue water" deep ocean; they were coastal craft. 


When battleships and other large ships, possibly escorting unarmed cargo and troop transports, needed to approach a hostile shore, they needed to deal with the torpedo boat threat. A partial solution was adding a secondary gun battery of smaller caliber, faster firing rate, and faster aiming than the main guns intended to sink other battleships, but the secondary battery still let the torpedo boats come too close.
====Overview====
[[Image:Spanish TBD Audaz, 1898.jpg|thumb|300px|left|Hybrid sail-steam Spanish torpedo boat destroyer ''Audaz]]
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.
A new type of vessel, called the "torpedo boat destroyer", was developed as an escort to major warships, and possibly merchant vessels threatened by torpedo boats. In the words of a requirement restated a century later, "Self-deployability (blue water endurance) is needed to allow the platforms to get to the contested area without the need for valuable and scarce open ocean transport or the support of an ever-present mothership." Such vessels still had to be small, fast, and maneuverable enough to pursue and destroy torpedo boats.</onlyinclude>  Early approaches to increasing range and self-deployability included the use of sails in addition to steam, on the Spanish torpedo boat destroyer ''Audaz'', in service between 1897 and 1927.


It soon became obvious that the torpedo boat destroyer was a useful vessel for a wide range of applications, such as convoy escort, so the specialized designation became the simple "destroyer". Ironically, while the first destroyers were armed only with quick-firing guns, usually of several calibers from medium to light, navies started equipping destroyers with torpedoes, as the weapon of choice if they did need to confront battleships. For simplicity, the category of "cruiser" is not being included in this immediate discussion; simply assume they were vessels of intermediate characteristics between battleships and destroyers.
====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.


The new destroyers would usually make torpedo attacks in groups. Such groups would often be built around a light cruiser or a ship called a destroyer leader; both types were more survivable and more heavily armed than destroyers, which better fitted them to lead the attack unit.  Early destroyers were intended to be small and inexpensive, with numbers of hulls being more important than individual ship capability.
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.


''[[Destroyer|.... (read more)]]''
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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- a [[Eurozone crisis/Addendum#Crisis development by country|'''country-by-country summary''']] of the development of the crisis;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- [[Eurozone crisis/Timelines|'''links  to contemporary reports''']] of the main events of the crisis;<br>&nbsp;&nbsp;&nbsp;&nbsp; - 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>&nbsp;&nbsp;&nbsp;&nbsp; - tabulations of the [[Eurozone crisis/Addendum#Fiscal characteristics|'''fiscal characteristics of the PIIGS countries''']] , and their [[Eurozone crisis/Addendum#GDP growth|'''GDP growth rates''']]
|}

Revision as of 12:38, 1 October 2011

The eurozone crisis that started in 2010 arose from doubts about the ability of some eurozone governments to service their debts. . 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.

Overview

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.

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.

.... (read more)

In addition to the following text, this article comprises:
     - a country-by-country summary of the development of the crisis;
     - links to contemporary reports of the main events of the crisis;
     - notes on the debt trap, the eurozone's departures from optimum currency area criteria, and on the eurobond proposal; and,
     - tabulations of the fiscal characteristics of the PIIGS countries , and their GDP growth rates
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