Subprime crisis turned to a financial and economical crisis causing eventually a social but above all a debt crisis, which is currently paralyzing our system. In spite of governments’ unremitting efforts in order to maintain a financial stability, the situation is getting worst and worst. They hardly tried to find a solution to reverse such a trend and caution the upturn. Right from the start, the main aim consisted in setting up and respecting a deficit reduction plan. What’s more? Three years after the financial collapse, which followed the bankruptcy of the well – known American Bank Lehman Brothers and precipitated the world in recession, economies are again on the edge of the abyss. In addition, crisis in the Euro zone truly leads to an inter-state instability and questioning. Threats mainly came from the Greek crisis in 2010 with the public deficit matter, and then continued with the Irish one. All in all, banking crisis became, by a controversial coverage of banks debts, a crisis of the national debt.
How Euro zone, and in particular Greece, reached such a situation? How is it possible a state, which does not apply European recommendations still can benefit from subsidies and make undergo to the most deprived even more stringency? How it is conceivable to exercise an intra-community control without interfering in others states? After all, does the Euro zone can intend and aspire to an overhaul or, on the contrary, sink into chaos?
Firstly, this paper will advance Euro zone crisis and persistent Greek debt. A reminder referendum’s objectives, an analysis of causes of its refusal and as a consequence, a validation of the European plan of debt clearing will clarify the origins of European economical and financial instability. Secondly, having carried out a more national study, this review will put in light repercussions and world consequences as well as states questioning on their management politic such as relevant actions and challenges to lead. Finally, a psychological aspect will complete the paper in order to approach crisis under a moral and critical angle of reflection.
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