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In 1999 the Euro became an official currency in eleven countries Euros were used with accounting for the first three years of its existence It wasnt until 2002 that it replaced national currencies banknotes and coins Now the Euro is used in 17 countries on the European Union This currency helps banks supply this cash effectively These banknotes value have risen the role of using it as actual cash is declining in recent years due to the use of credit cards Now theres the Euro Crisis which is the debt of Europe that have been built up and cant be paid off The Euro Crisis mainly affects Greece Spain and Ireland All of the debt was brought on by private investors and pension funds Ireland was the first to fall into debt Ireland relied on the banks to keep lending money to them This caused a lot of personal debt so when the crisis happened they were hit hard Ireland kept borrowing money to try to get out of debt The UK uses their credit cards just as much Americans do this leads to personal debt levels that higher compared to other countries in the Euro-zone For Greece public spending went through the roof when the Euro became their currency Then the Athens Olympics raised their debt because they had to pay for all of it Their debts have risen so high that Greece cannot pay back their loans Greece is now forced to ask for help from other countriesThe Euro Crisis was caused the global financial crisis in 2007-2008 Which in turned was caused by governments getting loaned money to put into the banks Just a few years after in 2012 the European Stability Mechanism ESM was formed The ESM is one giant bailout fund More than half of the money in the ESM is supplied by Germany and France Since Germany has the biggest economy and government finances they are helping
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