GT wiki update: http://globotrends.pbworks.com/w/page/14808101/Europe-and-global-credit-crisis from @BBC

“Europe is in the grip of tough austerity measures - some of the deepest public sector cuts for a generation. Shockwaves are still being felt from the 2008 financial meltdown, which paralysed bank lending and left much of Europe reeling from huge budget deficits and public debt. In the troubled 17-nation eurozone Greece and the Irish Republic received huge bail-outs last year from the EU and International Monetary Fund (IMF). Portugal is next in line for such a rescue. Investors’ anxiety about the debts of these eurozone “periphery” countries sent the interest rates (yields) on their sovereign bonds soaring, making it ever harder for them to borrow in international markets. The 27 EU member states aim to cut their budget deficits to a maximum of 3% of GDP by the financial year 2014-15, so what belt-tightening measures are the countries taking?”

Read more from BBC here: http://www.bbc.co.uk/news/10162176