In the recent past, one of the European countries suffered from a huge debt crisis often referred to as Sovereign Debt Crisis. Which one of the following is the country in question?

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Q: 48 (IES/2011)
In the recent past, one of the European countries suffered from a huge debt crisis often referred to as ‘Sovereign Debt Crisis.
Which one of the following is the country in question?

question_subject: 

Current Affairs

question_exam: 

IES

stats: 

0,74,22,74,11,7,4

keywords: 

{'debt crisis': [0, 0, 0, 1], 'huge debt crisis': [0, 0, 0, 1], 'greece': [2, 2, 7, 8], 'european countries': [0, 2, 0, 2], 'hungary': [0, 0, 4, 2], 'poland': [1, 0, 6, 4], 'italy': [14, 5, 13, 11], 'country': [27, 2, 36, 66]}

The correct answer is option 1: Greece. In the recent past, Greece experienced a significant debt crisis known as the `Sovereign Debt Crisis`. This crisis occurred as a result of Greece accumulating a substantial amount of debt that it could not repay.

Option 2: Italy, Option 3: Hungary, and Option 4: Poland are incorrect answers. Although these countries are also European nations, they did not suffer from the same level of debt crisis as Greece did.

It is important to note that the European debt crisis affected multiple countries in the region, but Greece was particularly affected. The crisis had significant economic and political implications for Greece, leading to austerity measures and financial assistance from international institutions such as the International Monetary Fund (IMF) and the European Central Bank (ECB). These measures were aimed at stabilizing the Greek economy and reducing its debt burden.