2 European Debt Crisis during 2011 Introduction The ongoing European debt crisis has been recorded as the worst to have hit the continent ever since the euro was adopted as a common currency more than 12 years ago. The devastating aftermath has already seen such countries as Greece, Portugal as well as Ireland being put on financial life support. Financial experts have predicted that the eurozone will slump into recession by the time the first quarter of 2012 ends given the trends that have been observed since the end of 2011. More than half a dozen other countries, including Italy and Spain, are in dire state and there have been internal political grumblings from some of the worst hit states over their continued use of the Euro.
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