The Eurozone Crisis is an economic crisis in which many countries in the European Union have not been able to pay off government debts. The Eurozone Crisis was caused by expensive bailouts, asset bubbles, and internal imbalances in European countries. The crisis resulted in very high unemployment rates in the region, over 25% in some countries.
Trade Imbalances:
The trade imbalances in Europe is one factor that led to the Eurozone Crisis. It is mainly the result of Germany dominating exports in Europe. The effects of this are that countries like Portugal, Greece, and Spain can not make profit from their exports.
Germany is a large exporter of automobiles:
Grexit: "Grexit" refers to Greece leaving the European Union. It is caused by the economic problems in Greece, such as debt and unemployment, leading some to argue that Grexit would help Greece's economy. Possible effects of Grexit are debated. Some say that it would increase exports and tourism, while others say that it would destabilize the eurozone and cause civil unrest.