The European debt crisis began in 2010 after many countries were beginning to come out of a deep recession caused by the Financial Collapse of 2007/08. Initially it was released that countries such as Greece and Ireland had huge debts. This was caused by previously low interest rates on their bonds, as well as a lack of tax reciepts due to the Financial Crisis and an attitude towards spending and maintaining a large budge deficit through issuing debt. In particular, Ireland (the government) was hit by huge costs in bailing out the banks which cost the government a lot of money which it had no way of regaining. [...]