European debt crisis in the context of "Greek government-debt crisis"

The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve member states of the European Communities, it announced "a new stage in the process of European integration" chiefly in provisions for a shared European citizenship, for the eventual introduction of a single currency, and (with less precision) for common foreign and security policies, and a number of changes to the European institutions and their decision-making procedures, not least a strengthening of the powers of the European Parliament and more majority voting on the Council of Ministers. Although these were seen by many to presage a "federal Europe", key areas remained inter-governmental with national governments collectively taking key decisions. This constitutional debate continued through the negotiation of subsequent treaties (see below), culminating in the 2007 Treaty of Lisbon.

In the wake of the Eurozone debt crisis unfolding from 2009, the most enduring reference to the Maastricht Treaty has been to the rules of compliance – the "Maastricht criteria" – for the currency union.

The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.

A series of currency devaluations and oil crises in the 1970s led most countries to float their currencies. The world economy became increasingly financially integrated in the 1980s and 1990s due to capital account liberalization and financial deregulation. A series of financial crises in Europe, Asia, and Latin America followed with contagious effects due to greater exposure to volatile capital flows. The 2008 financial crisis, which originated in the United States, quickly propagated among other nations and is recognized as the catalyst for the worldwide Great Recession. A market adjustment to Greece's noncompliance with its monetary union in 2009 ignited a sovereign debt crisis among European nations known as the Eurozone crisis. The history of international finance shows a U-shaped pattern in international capital flows: high prior to 1914 and after 1989, but lower in between. The volatility of capital flows has been greater since the 1970s than in previous periods.

Dario Luigi Angelo Fo (Italian: [ˈdaːrjo ˈfɔ]; 24 March 1926 – 13 October 2016) was an Italian playwright, actor, theatre director, stage designer, songwriter, political campaigner for the Italian left wing and the recipient of the 1997 Nobel Prize in Literature. In his time he was "arguably the most widely performed contemporary playwright in world theatre". Much of his dramatic work depends on improvisation and comprises the recovery of "illegitimate" forms of theatre, such as those performed by giullari (medieval strolling players) and, more famously, the ancient Italian style of commedia dell'arte.

His plays have been translated into 30 languages and performed across the world, including in Argentina, Bulgaria, Canada, Chile, India, Iran, the Netherlands, Poland, Romania, South Africa, South Korea, Spain, Sri Lanka, Sweden, the United Kingdom, the United States, and Yugoslavia. His work of the 1960s, 1970s and 1980s is peppered with criticisms of assassinations, corruption, organised crime, racism, Roman Catholic theology, and war. Throughout the 1990s and 2000s, he took to lampooning Forza Italia and its leader Silvio Berlusconi, while his targets of the 2010s included the banks amid the European sovereign-debt crisis. Also in the 2010s, he became the main ideologue of the Five Star Movement, the anti-establishment party led by Beppe Grillo, often referred to by its members as "the Master".

Left-wing populism, also called social populism, is a political ideology that combines left-wing politics with populist rhetoric and themes. Its rhetoric often includes elements of anti-elitism, opposition to the Establishment, and speaking for the common people. Recurring themes for left-wing populists include economic democracy, social justice, and skepticism of globalization. Socialist theory plays a lesser role than in traditional left-wing ideologies.

Criticism of capitalism and globalization is linked to unpopular United States military operations, especially those in the Middle East. It is considered that the populist left does not exclude others horizontally and relies on egalitarian ideals. Some scholars also speak of nationalist left-wing populist movements, a feature exhibited by the Sandinista Revolution in Nicaragua or the Bolivarian Revolution in Venezuela. Unlike right-wing populism, left-wing populist parties tend to be supportive of minority rights, as well as to an idea of nationality that is not delimited by cultural or ethnic particularisms. Bernie Sanders and Alexandria Ocasio-Cortez, self-described democratic socialists, are examples of modern left-wing populist politicians in the United States. With the rise of Syriza and Podemos during the European debt crisis, there has been increased debate on new left-wing populism in Europe.

The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s that made it difficult or impossible for some countries in the euro area to repay or refinance their government debt without the assistance of third parties.

The European sovereign debt crisis resulted from the structural problem of the eurozone and a combination of complex factors, including the globalisation of finance; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the 2008 financial crisis; international trade imbalances; real-estate bubbles that have since burst; the Great Recession; fiscal policy choices related to government revenues and expenses; and approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socialising losses.

Left-wing populism, also called social populism, is a political ideology that combines left-wing politics with populist rhetoric and themes. Its rhetoric often includes elements of anti-elitism, opposition to the Establishment, and speaking for the common people. Recurring themes for left-wing populists include economic democracy, social justice, and skepticism of globalization. Socialist theory plays a lesser role than in traditional left-wing ideologies.

Criticism of capitalism and globalization is linked to unpopular United States military operations, especially those in the Middle East. It is considered that the populist left does not exclude others horizontally and relies on egalitarian ideals. Some scholars also speak of nationalist left-wing populist movements, a feature exhibited by the Sandinista Revolution in Nicaragua or the Bolivarian Revolution in Venezuela. Unlike right-wing populism, left-wing populist parties tend to claim to be supportive of minority rights, as well as to an idea of nationality that is not delimited by cultural or ethnic particularisms. Bernie Sanders and Alexandria Ocasio-Cortez, self-described democratic socialists, are examples of modern left-wing populist politicians in the United States. With the rise of Syriza and Podemos during the European debt crisis, there has been increased debate on new left-wing populism in Europe.