The Eurozone crisis is an ongoing economic crisis which has been negatively affecting Eurozone countries since late 2009. It consists of a sovereign debt crisis, a banking crisis and an economic growth and competitiveness crisis.
CNBC reported in 2015: Despite the progress Europe has made in overcoming its recent period of crisis, many in Europe feel the continent is an "old" power in a new world lacking confidence, direction and unity.
Countries like Greece and Italy, that were once the homes of great empires and nation states have in the modern age been laid low by financial crisis, recession and a whole "lost" generation of young people – 40 percent in Italy and almost 52 percent in Greece – who are unemployed.
Meanwhile those that could create the jobs elsewhere – such as the millions of small and medium-sized businesses that are the backbone of European economies – often struggle to access credit or are caught up in red tape and regulation.Cite error: Closing </ref> missing for <ref> tag}}
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