Introduction
Students and police clash in Athens, Greece, on May 11, 2011, during protests against harsh austerity measures the government agreed to in exchange for a €110 billion ($145 billion) bailout from the International Monetary Fund and the European Union. Ireland and Portugal also have sought handouts from their EU brethren. (AFP/Getty Images/Angelos Tzortzinis)
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Portugal has become the third eurozone government to seek a bailout loan from the European Union, which is struggling to prevent a debt crisis from crippling its poorest members and spreading to richer euro countries. Historically impoverished nations such as Ireland, Portugal and Greece experienced a surge of wealth in the 1990s after adopting the euro. But in the wake of the worldwide economic crash and recession, that wealth proved to be an illusion based on cheap credit from Germany and other stronger economies. The euro's defenders say the crisis has created a new determination to fix the eurozone's defects, particularly its lack of strong centralized governance. But the rise of nationalist parties in richer countries opposed to bailouts could hamper a solution. And despite years of rhetoric about European unity, critics say individual nations will never give up enough of their sovereignty — especially their right to tax and spend on liberal social programs — to become part of a United States of Europe.
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Jul. 20, 2012 |
Debt Collectors |
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May 17, 2011 |
Future of the Euro |
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Oct. 10, 2008 |
Regulating Credit Cards |
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May 09, 2008 |
Financial Crisis |
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Mar. 02, 2007 |
Consumer Debt |
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May 26, 2006 |
Teen Spending |
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Nov. 19, 1999 |
The Consumer Culture |
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Nov. 15, 1996 |
Consumer Debt |
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Sep. 13, 1985 |
America in Debt |
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Jan. 25, 1980 |
Consumer Debt |
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Apr. 11, 1975 |
Consumer Credit Economy |
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Jan. 12, 1972 |
Directions of the Consumer Movement |
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Nov. 10, 1965 |
Personal Debt in a Consumer Economy |
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Jan. 02, 1957 |
Tight Credit |
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Feb. 10, 1956 |
Consumer Credit |
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Mar. 30, 1949 |
Installment Credit |
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Aug. 09, 1941 |
Restriction of Consumer Credit |
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Jan. 28, 1941 |
The Big Business of Making Small Loans |
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Jan. 17, 1934 |
Federal Credit Aid for Consumers |
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Jan. 01, 1930 |
Installment Buying, 1920–1930 |
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