The eurozone crisis was caused by a balance-of-payments crisis, which is a sudden stop of the flow of foreign capital into countries that had substantial deficits and were dependent on foreign lending. Several eurozone member states ( Greece, Portugal, Ireland, Spain, and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF). The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s.
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