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Europe roiled by financial crisis The 17-nation euro zone is beset by fissures between strong economies such as Germany and weaker ones such as Greece, Ireland and Portugal, which risk being engulfed by historic levels of government debt.
Demonstrators march past the Colosseum during a strike in Rome on Sept. 6, 2011. With President Silvio Berlusconi's government under increasing pressure to produce credible measures to balance the budget, a strike by Italy's largest labor union against an austerity package shut down air, land and sea transport, stalled manufacturing and curtailed government services throughout the country.
Pier Paolo Cito
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AP Photo
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Greek finance minister Evangelos Venizelos gestures as he addresses the media during a press conference on the state of the Greek economy in Athens on Friday, Sept. 2, 2011. Venizelos rejected reports that the country's international debt review has been suspended due to a break-down in talks, saying the pause was scheduled and insisted the government would not impose any additional revenue-generating measures beyond what had already been agreed and voted on in Parliament as part of conditions for Greece's bailout.
Kostas Tsironis
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AP Photo
Spain's Prime Minister Jose Luis Rodriguez Zapatero, left, and Spain's finance Minister Elena Salgado wait before a extraordinary session at the Spanish Parliament in Madrid, Tuesday, Aug. 30, 2011. Zapatero and an opposition leader agreed to amend the Constitution to limit the government deficit.
Daniel Ochoa de Olza
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AP Photo
August 16, 2011
French President Nicolas Sarkozy and German Chancellor Angela Merkel talk during a news conference in Paris. The leaders of France and Germany met for high-pressure talks to discuss what further measures they can take to shore up investor confidence in the euro zone following dramatic market turmoil last week.
Charles Platiau
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Reuters
August 10, 2011
A broker looks at the main screen at the Stock Exchange in Madrid. A risky European Central Bank decision to fight the continent's debt crisis by buying Spanish and Italian bonds started pushing down the soaring interest rates threatening those countries with financial disaster.
Daniel Ochoa de Olza
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AP
August 9, 2011
A broker on a phone looks at a screen at the Stock Exchange in Madrid. The borrowing costs of Spain and Italy sank in early trading after the European Central Bank signaled it would intervene in the markets to keep the two countries' bond prices supported. Spain's finance minister insists her country is in no need of a bailout, even as the European Central Bank buys bonds to protect euro zone countries from higher borrowing costs.
Daniel Ochoa de Olza
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AP
August 8, 2011
A trader works at the Frankfurt Stock Exchange on the first day following the U.S. debt downgrade. Standard and Poor's lowered its rating on U.S. debt from AAA to AA+, citing increased risk of a U.S. inability to manage American debt. The downgrade prompted conference calls and calls to action among leaders worldwide, especially in Europe, which is struggling with its own debt crisis.
Ralph Orlowski
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Getty Images
July 13, 2011
A blacksmith welds iron in his workshop in Rome. Rapid agreement by Italy's government and opposition parties to pass debt-cutting measures helped calm markets, but policymakers, fearing a prolonged market attack, demanded Europe find a definitive plan to solve the euro zone debt crisis.
Tony Gentile
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Reuters
July 13, 2011
A homeless man with his dog begs in downtown Milan. The writing reads: "Abbiamo fame" (We are hungry). Italy will strengthen its package of austerity measures and get it through parliament by Friday, finance minister Giulio Tremonti pledged as he sought to calm market fears that the euro zone's third-largest economy would be swept into the European debt crisis.
Luca Bruno
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AP
July 12, 2011
A man walks down a street in Lisbon’s Bairro Alto neighborhood. Investors worried that the debt crisis that has so far forced bailouts for Greece, Ireland and Portugal could spread to larger economies such as Italy, which has one of the largest public debts in the world.
Jose Manuel Ribeiro
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Reuters
July 12, 2011
The moon rises behind the 19th-century statue of the ancient goddess Athena as a Greek flag billows at the Athens Academy in Athens. Greece's finance minister said the country wants the European Union to conclude a second rescue loan deal by the end of August, as volatile international markets fretted over the vulnerability of other euro zone members to the escalating debt crisis.
Thanassis Stavrakis
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AP
July 12, 2011
Demonstrators hold placards reading "Stop evictions" during a demonstration organized by the association "Affected by the mortgage" (Afectados por la hipoteca) to stop an eviction from a house in Barcelona. The owner has been unemployed for 2.5 years and is unable to pay the mortgage of 1.600 euros per month. Since 2007, 300.000 families have been evicted in Spain, 15.000 of them during the first quarter of 2011, a 36.9% increase compared with the same period in 2008.
David Ramos
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Getty Images
July 12, 2011
People are reflected on an electronic board displaying the stock index outside a bank in downtown Milan. The main measure of Italy's borrowing cost broke above 6 percent for the first time in 14 years before easing back on Tuesday as the euro zone's third-largest economy was sucked into the bloc's debt crisis.
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Reuters
July 11, 2011
Luxembourg's Finance Minister Jean-Claude Juncker, left, playfully gestures toward Greek Finance Minister Evangelos Venizelos during a round table meeting of euro zone finance ministers at the E.U. Council building in Brussels. European officials are trying to work out a strategy Monday to prevent the euro zone's debt crisis from spilling over into bigger economies such as Italy and Spain, as they discuss details of a second bailout for Greece.
Virginia Mayo
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AP
June 19, 2011
Protesters demonstrate in Barcelona, blaming bankers and politicians for causing a financial crisis that forced the country to adopt painful spending cuts. Similar demonstrations were held in Madrid and Valencia.
Josep Lago
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AFP/Getty Images
June 5, 2011
A Greek Orthodox priest holds an old flag of the Greek revolution, which reads "freedom or death," during a peaceful rally outside the Greek Parliament in Athens. Thousands of protesters gathered for a 12th consecutive day to protest fiscal austerity measures.
Kostas Tsironis
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AP
June 4, 2011
Protesters hold Greek flags and shout insulting slogans against Greek politicians during a huge rally against austerity economic measures.
Yannis Behrakis
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Reuters
June 2, 2011
Protesters from a communist-backed union wave flags during an anti-austerity protest in central Athens.
Petros Giannakouris
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AP
May 15, 2011
People wearing Guy Fawkes masks shout slogans against the bankers and politicians during a rally called by "Real Democracy Now" in Madrid. Spanish university students and youth groups were protesting against a youth unemployment rate of 40 percent and austerity measures taken to end Spain's debt crisis.
Arturo Rodriguez
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AP
May 9, 2011
People walk past the Bank of Greece in Athens. Standard & Poor's slashed the country's credit rating. Moody's also warned of a possible downgrade.
Yiorgos Karahalis
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Reuters
May 5, 2011
Pedestrians pass flowers outside the burnt shell of a bank where three people died a year ago when the building was torched by rioters during a mass demonstration against the Socialist government's austerity measures, in Athens. A year after the burning, which shocked Greeks and took the wind out of anti-austerity protests, nobody has been prosecuted over the three deaths.
Petros Giannakouris
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AP
March 23, 2011
Portuguese Prime Minister Jose Socrates announces his resignation to journalists during a news conference at his official residence in Sao Bento in Lisbon. Portugal's parliament rejected the minority Socialist government's austerity measures in a vote that caused the administration's collapse.
Rafael Marchante
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Reuters
Jan. 4, 2011
In Thessaloniki, Greece, a man salvages an olive oil container from a trash bin to collect the remaining oil. Welfare agencies and charity groups have warned of a spike in poverty and homelessness in Greece due to the effects of the financial crisis.
Nikolas Giakoumidis
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AP
Jan. 10, 2011
In Lisbon, some cash-strapped residents are selling family jewelry to make money. Here, at a store that buys gold, the shop owner shows one of the pieces she recently acquired.
Patricia De Melo Moreira
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AFP/Getty Images
Jan. 10, 2011
Portuguese broker Cristina Povoa works the phones in Lisbon. Portugal's borrowing rates have spiked recently amid reports that Germany and France are pushing it to accept an international rescue package.
Francisco Seco
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AP
Jan. 12, 2011
German Chancellor Angela Merkel speaks to Italian Prime Minister Silvio Berlusconi during a press conference in Berlin. Merkel praised Lisbon for its "very impressive" austerity measures.
Johannes Eisele
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AFP/Getty Images
Jan. 12, 2011
Rail workers in Lisbon protest against the redundancies and privatizations of the country's public sector.
Rafael Marchante
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Reuters
Jan. 10, 2011
Greece's construction industry has been hard hit by the financial crisis.
Petros Giannakouris
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AP
Jan. 12, 2011
Portugal's Prime Minister Jose Socrates has insisted in recent days that his nation does not need a bailout, even as many analysts say an international rescue for the troubled nation is inevitable.
Michael Probst
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AP
Jan. 12, 2011
A customer uses an ATM at a branch of Banco Espirito Santo, Portugal's biggest publicly traded bank, in Lisbon.
Mario Proenca
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Bloomberg
Jan. 12, 2011
A broker at a Lisbon trade room follows on video screens the Portuguese government bond auction. The bond auction was a success, but fears still remain that the nation will need a bailout.
Armando Franca
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AP
Jan. 10, 2011
Policemen patrol as presidential guards are seen at the tomb of the unknown soldier outside the Greek parliament in Athens. Greek bond yields hit another record high Monday amid a broader flare-up in Europe's debt crisis.
Thanassis Stavrakis
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AP
Jan. 12, 2011
Taxis queue during a work stoppage by bus and trolley workers in Syntagma Square in Athens.
Thanassis Stavrakis
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AP
Jan. 10, 2011
With the Acropolis behind him, a Greek worker clears a construction site.
Petros Giannakouris
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AP
Riot police stand guard at the Greek parliament during a protest rally organized by disabled groups in central Athens on Friday, Dec. 3. Protesters said the country's financial crisis has led to benefit cuts and greater hardship for disabled Greeks.
Petros Giannakouris
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AP
Jean-Claude Trichet, president of the European Central Bank, attends a news conference in Frankfurt, on Thursday, Dec. 2.
Hannelore Foerster
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Bloomberg
Students protest in Athens on Wednesday, Dec. 1. About 1,000 members of a student group backed by the Communist party have marched through the Greek capital to Parliament to protest austerity measures.
Thanassis Stavrakis
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AP
Disabled groups protested outside the Greek parliament on Friday, Dec. 3.
Petros Giannakouris
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AP
Spain's Deputy Premier and Interior Minister Alfredo Perez Rubalcaba attends a news conference in Madrid on Friday, Dec. 3. The Spanish government approved a package of new austerity measures and economic stimulus.
Victor R. Caivano
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AP
People line up outside an unemployment registry office in Madrid on Thursday, Dec. 2, 2010.
Victor R. Caivano
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AP
An unemployment registry office in Madrid on Thursday, Dec. 2. The number of people filing claims for unemployment benefits rose for a fourth consecutive month in November by 24,318 for a rounded total of 4.1 million people receiving payments.
Victor R. Caivano
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AP
A Portuguese broker talks on the phone Tuesday, Nov. 30, in Lisbon. Portugal's high debt burden remains a concern.
Francisco Seco
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AP
A severed doll's head is discarded on the ground in the Ballymun area in Dublin on Nov. 21. Ireland faces serious financial issues.
Cathal Mcnaughton
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Reuters
A woman walks past graffiti in front of a derelict building in the Ballymun area of Dublin.
Niall Carson
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AP
An Irish policeman, left, is confronted by protesters as they break through the front gates of the Irish prime minister's office building in Dublin on Nov. 22, 2010. Ireland was hammering out the conditions of an E.U. bailout package, sparking criticism at home.
Peter Muhly
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AFP/Getty Images
Police officers remove Sinn Fein protesters from inside the gates of government buildings in Dublin on Monday.
Peter Morrison
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AP
Members of Sinn Fein protested outside government buildings in Dublin on Nov. 22. They are calling for the Irish prime minister to resign.
Peter Morrison
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AP
Police and Sinn Fein protesters clash during demonstrations in Dublin over the Irish government's decision to ask for a bailout.
Peter Morrison
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AP
A newspaper headline in central Dublin on Nov. 22 focuses on Irish Prime Minister Brian Cowen. People are calling for his resignation over the bailout.
Peter Morrison
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AP
Sinn Fein members demonstrated outside Leinster House, which serves as the parliament building, in Dublin on Monday. Ireland's banks will be pruned down, merged or sold as part of a massive E.U.-IMF bailout, the government says.
Peter Morrison
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AP
Workers put up a sale sign in central Dublin.
Peter Morrison
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AP
A protester holds a banner reading "FF Traitors Out Now." Fianna Fail is Ireland's governing party.
Peter Morrison
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AP
John Gormley, Irish Green Party leader and environment minister, speaks at a news conference in Dublin on Monday. He called for a general election. Gormley's call comes less than 24 hours after Irish cabinet ministers agreed to ask the International Monetary Fund and Europe for a bailout.
Julien Behal
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AP
A law enforcement officer confronts Sinn Fein protesters who demonstrated in front of government buildings in Dublin on Monday.
Peter Morrison
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AP
A protester displays the Irish flag outside the Department of Finance building in Dublin on Sunday.
Peter Morrison
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AP
Irish Prime Minister Brian Cowen pauses as he speaks to the media. Debt-struck Ireland on Sunday formally appealed for a massive E.U.-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago.
Peter Morrison
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AP
People walk past candles placed by protesters on the pavement outside the Department of Finance in Dublin.
Peter Morrison
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AP
Protesters demonstrate outside the Irish Prime Ministers office in Dublin after Europe and the IMF announced they will bankroll an 80-90 billion euro bailout for debt-ravaged Ireland.
Peter Muhly
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AFP/Getty Images
Nov. 15
Leaders from the European Union, the United Kingdom and the International Monetary Fund are working to craft a financial rescue package for debt-saddled Ireland.
Peter Morrison
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ASSOCIATED PRESS
Nov. 16
A horse and cart pass by the Bank of Ireland in central Dublin. Although Ireland is a small economy, economists warn that banks and other firms that have lent it money could be endangered if the country cannot make scheduled payments.
Peter Morrison
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ASSOCIATED PRESS
May 2
In May, E.U. countries joined together to give $145 billion in loans to Greece to bail that nation out of its debt crisis. In exchange for the assistance, the Greek government made unpopular spending hikes and tax breaks. Here, demonstrators protest against these new measures during a rally in the northern port city of Thessaloniki.
Nikolas Giakoumidis
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AP
May 6
Protesters shout anti-government slogans during a rally in Athens. Greek citizens were outraged by the government's proposed fiscal measures.
Petros Giannakouris
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AP
May 5
A riot policeman runs from angry protesters in Thessaloniki. Tens of thousands of people took to the streets throughout to protest the government's new austerity measures. In Athens, the rallies turned deadly as participants tried to storm parliament.
Giorgos Nissiotis
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AP
June 8
Spanish civil servants took part in a one-day strike to protest wage cuts aimed at reducing the country's huge deficit. Here, protesters sit outside the Finance Ministry building in downtown Madrid.
Victor R. Caivano
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AP
June 8
In Barcelona, Spanish workers take part in a one-day strike to protest wage cuts. Speculation is mounting that Spain may also need a bailout due to its debt troubles.
Manu Fernandez
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AP
June 8
Workers take to the street in Barcelona to denounce federal government budget cuts. Analysts say that it would be much more difficult to hammer out a bailout package for Spain than for Greece or Ireland simply because its economy is so much larger.
Manu Fernandez
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AP
June 8
Protesters attempt to make a human tower during a rally in the Spanish capital.
Manu Fernandez
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AP
Nov. 3
Tax office workers protest the government's austerity measures outside the Portuguese parliament building in Lisbon. As a bailout for Ireland looks increasingly likely, many analysts say Portugal could be next in line.
Armando Franca
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AP
Nov. 17
A sign with the words "We buy gold" is seen in a shopping district in Porto's Baixa, Portugal. Concerns over the government's financial stability have driven up borrowing costs for Portugal.
Paulo Duarte
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AP
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