THE ECONOMIC CRISIS OF 2008 AND ITS SOCIAL IMPACT IN EUROPE

• DOI: 10.37572/EdArt_2905225901

• Palavras-chave: Economic crisis, 2008, social impact, Europe

• Keywords: Economic crisis, 2008, social impact, Europe

• Abstract:

  In 2008, a financial crisis broke out in the United States of America and quickly spread to the rest of the world. Related to the subprime, this crisis was associated with real estate speculation, leveraged by the banking sector. At first, Europe thought that the “housing bubble” that burst in the USA, leading banks and investment companies to bankruptcy, was a strictly American problem, however, the exposure of European economies to international markets revealed the opposite and it soon became apparent that the European real estate and financial sectors were also on the verge of ruin, both inside and outside the eurozone, such as Greece or Iceland. Some countries in order not to go bankrupt had to ask for external financial support from the European Union, European Central Bank and International Monetary Fund. The aid that these organizations provided called for a drastic austerity plan for the countries involved. In a scenario of crisis, austerity, unemployment and precariousness, Europeans took to the streets to demonstrate all their dissatisfaction with the crisis but also with the politicians and policies they implemented to solve economic problems. Across Europe there have been huge protests, especially in countries that have received international aid. The social impact of the economic and financial crisis was particularly felt in countries such as Iceland, Ireland, Greece and Portugal. This article seeks to demonstrate how the economic crisis of 2008 awoke the citizenship of Europeans and changed their relationship with politics and government, exemplifying with the case of Greece and Iceland.

• Número de páginas: 14