Mapping a crisis
“WE CANNOT accept the explosion of the euro, which would mean the explosion of Europe,” said French president Nicolas Sarkozy, a key player in Europe’s debt crisis, in a statement during the G20 summit held in Cannes.
The Eurozone debt crisis continues to threaten the continent’s financial stability and is causing ripple effects on economies across the globe. Beyond Loyola presents an infographic on the relevant facts and figures surrounding Europe’s biggest financial crisis in history.
..the most important crisis that Europe has known since its creation...
-Nicolas Sarkozy on the Euro Crisis
THE EURO CRISIS
The Euro Crisis is a result of European countries holding debts relative to the size and strength of their economies, causing the financial sector to become severely unstable. European banks have been recurring massive amounts of euro debt, with Greece owing them the most, sending Euro leaders to write off 50% of its debt to reduce the risk of financial recession in other countries.
The 2nd largest economy in the world comprised of 17 member states of 27-member European Union using the euro as its main currency.
The focal point of the euro debt crisis.
The currency with the highest combined value of banknotes and coins in circulation in the world, surpassing the USD. It is the 2nd most traded currency.
2011 G20 SUMMIT
Held in France from November 3-4, the summit was led by finance ministers and central bank governors from 20 major economies, and collected responses on how to stabilize the staggering global economy through key solutions, including reforming the International Monetary System (IMS), supporting employment, and strengthening globalization’s social dimension.