On November 1, 1993, the fate of our economy was decided. After half a century of waiting, the Eurozone has come to solemn life. The European nations, once the world's great powers, had accomplished a risky and perhaps senseless task. The world's first regional economic system was successfully created. Now, almost two decades later, the world's economies are on the brink of collapse, and it seems that no economy other than the Eurozone is to blame for its recent and rather reckless economic efforts. While the rest of the world continues to place blame on the Eurozone and its twenty-five member states, including the United Kingdom of Great Britain and Northern Ireland, France, Spain, Portugal, Italy and Germany, we remain vigilant to see if the Eurozone he is truly guilty of this heinous charge. To fully examine the Eurozone crisis, it is necessary to understand the specific events that led to this global economic meltdown. The name of this particular crisis is the sovereign debt crisis. In essence, as Eurozone members have participated in the global economy, their GDP has been exceeded by their debt – with Greece notorious for its reckless economic exploits – rendering them unable to repay their excessive debts. As this situation progressed, countries like Greece were bailed out by other Eurozone members (usually Germany), and then were forced to take on a huge debt to repay. Interest rates have skyrocketed and the Eurozone remains as we see it now, the pitiful relic of a great global trading partner (Capitalvia, 2011). With the Eurozone unable to participate effectively in global trade, all countries that relied on the euro suffered, especially due to the 12% depreciation of... middle of paper... retrieved from http:/ /www. piie.com/blogs/?p=1742Oxford. (2011, December 19). Will the eurozone crisis sink the world economy?. Retrieved from http://www.oxfordeconomics.com/samples/USWEEK191211.PDFOxford. (2011, December 19). Will the eurozone crisis sink the world economy?. Retrieved from http://www.oxfordeconomics.com/samples/USWEEK191211.PDFDesjardins. (2011, December 19). According to economists from the Desjardins Group, the eurozone has an impact on global economic growth. Retrieved from http://www.desjardins.com/en/a_propos/salle_presse/la_une/communiques/2011121901.pdfBBC. (2011, November 7). Eurozone crisis: what it means for East and West. Retrieved from http://www.bbc.co.uk/news/magazine-15619946Reuters. (2011, December 5). The Eurozone and China announce a global slowdown. Retrieved from http://www.reuters.com/article/2011/12/05/us-economy-global-idUSTRE7B30RP20111205