The European sovereign debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. In 1992, members of the European Union signed th... Explore this topic

Greece, officially the Hellenic Republic, is a country in Southeast Europe. According to the 2011 census, Greece's population is around 11 million. Athens is the nation's capital and largest city, its urban area also including Piraeus. Greece is strategically located at the cr... Explore this topic

In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant of the debt contract. A default is the failure to pay back a loan. Default may occur if the ... Explore this topic

Georgios A. Papandreou, commonly anglicised to George and shortened to Γιώργος in Greek, is a Greek politician who served as Prime Minister of Greece following his party's victory in the 2009 legislative election. Belonging to a political dynasty of long standing, he previousl... Explore this topic

The economy of Greece is the 32nd or 37th largest in the world at $312 or $309 billion by nominal gross domestic product or purchasing power parity respectively, according to World Bank statistics for the fiscal year 2009–2010. Additionally, Greece is the 15th largest economy ... Explore this topic

Angela Merkel is the current Chancellor of Germany and the head of the political party CDU in Germany. In addition to being the first female German Chanchellor, she is also considered by Forbes magazine to be the most powerful woman in the world. Explore this topic

Nicolas Sarkozy is a French politician who served as the 23rd President of France from 16 May 2007 until 15 May 2012. Before his presidency, he was the leader of the Union for a Popular Movement. Under Jacques Chirac's presidency he served as Minister of the Interior in Jean-P... Explore this topic

The European Parliament is the directly elected parliamentary institution of the European Union. Together with the Council of the European Union and the European Commission, it exercises the legislative function of the EU and it has been described as one of the most powerful l... Explore this topic

The eurozone, officially called the euro area, is an economic and monetary union of 17 European Union member states that have adopted the euro as their common currency and sole legal tender. The eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France,... Explore this topic

A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value. A debt is... Explore this topic