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[Video] The European Debt Crisis Visualized
Greece continues to vigorously deny allegations that they are preparing to default if they cannot reach a deal with their debtors. Today, S&P downgraded Greece’s bonds to junk status, prompting even more ministers to opine on the negotiations. “Given the we have lost a lot of time, I am skeptical,” said Peter Kazimir, Slovakia’s Finance Minister. “Greece is moving ever closer to the abyss.”
This is all while, as we showed yesterday, that the Eurozone Crisis is still far from over.
But how did it all begin in the first place? The above video visualization from Bloomberg recently came out and does a great job explaining the background of the Euro Area, the origins of how countries such as Greece, Portugal, Spain, Italy, and Ireland accumulated such burdensome debt, the issue of major cultural differences within Europe, and the difficulties of being bound by a monetary union with no unified fiscal policy.
