The worldwide financial crisis of 2008 started as a bank-level crisis that closed the flow of money and increased financial instability. During the first few months, the impact was felt primarily by financial institutions and intermediaries. After that, however, it then reached macroeconomic dimensions, threatening the stability of entire countries.
The European Union, the International Monetary Fund (IMF), and the European Central Bank (ECB) took urgent measures to avoid the insolvency of some countries. As a result, Greece received €110 billion in 2010 to pay its public debt. This loan was the start of further expenditure. Ireland received €87 billion euros in November 2017 with the same aim. Problems were then identified in Portugal in 2011 and an additional loan was received by Greece. Spain and Cyprus also...
