Retrospective: A year in news
 Photo 11/11 
2011 : A year in news

2011 : A year in news

Eurozone crisis

The Eurozone crisis has dominated media coverage throughout the year. After years of over-spending and hit hard by the global financial crisis, Greece was given several bailouts by the European Union.

It wasn’t the only country to face the prospect of financial ruin - Italy had also overspent and Portugal and Ireland had to be bailed out by the European Central Bank. Despite these bailouts, fears remain that Greece, in particular, risks defaulting on debt repayments.
The resulting economic and political turmoil has placed a question mark over the future of the Euro and led to new governments forming in both Italy and Greece but concern over some of these countries’ abilities to meet debt repayments remains.

In a bid to alleviate the crisis, leaders from across the Eurozone gathered at a summit in December to vote on a treaty which would give the European Union greater powers over the financial affairs of its members to try and stem rising debt levels. At the summit, British Prime Minister David Cameron was the only leader to veto the plans.

Unsuprisingly, the merits of the move divided politicians and the public alike, with critics claiming Britain will now be isolated from a 26-strong Union.
EU members are currently debating over the details of the forthcoming treaty which is expected to be signed off by March 2012. 

Image: Heavy shoulders - Mario Draghi, President of the European Central Bank © Rex

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