The European debt crisis, often also referred to as the Eurozone crisis or the European sovereign debt crisis is a multi-year debt crisis that has been taking place in the European Union since the end of 2009.
Several eurozone member states which include 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 detailed causes of the debt crisis varied.
Besides the Eurozone crisis, Berlusconi had also failed to meet some of his pre-election promises and had failed to prevent economic decline and introduce serious reforms.
Many believed that the problems and doubts over Berlusconi’s leadership and his coalition were one of the factors that contributed to market anxieties over an imminent Italian financial disaster, which could have a potentially catastrophic effect on the 17-nation eurozone and the world economy.
Many critics of Berlusconi accused him of using his power primarily to protect his own business ventures.
In the following years Berlusconi often expressed his point of view regarding his resignation in 2011.
He accused Angela Merkel, Nicolas Sarkozy, Christine Lagarde and Giorgio Napolitano, along with other global economic and financial powers, to have plotted against him and forced him to resign, because he refused to accept a loan from the International Monetary Fund, which according to him, would have sold the country to the IMF.
This theory was confirmed by the former Prime Minister of Spain José Luis Rodríguez Zapatero.