It falls into two categories: debt held by the public and intragovernmental. A U.S. sovereign debt crisis is a remote possibility, but in our increasingly fragile system it could be triggered by a number of financial catastrophes—from a chaotic break-up of the eurozone to something as adventitious as a serious earthquake in California. The crisis has had significant adverse economic effects and labour market effects, with unemployment rates in Greece and Spain reaching 27%, and was blamed for subdued economic growth, not only for the entire eurozone, but for the entire European Union. , ECB lending has largely replaced inter-bank lending.  In February 2012, an IMF official negotiating Greek austerity measures admitted that excessive spending cuts were harming Greece. , On 30 November 2011, the ECB, the US Federal Reserve, the central banks of Canada, Japan, Britain and the Swiss National Bank provided global financial markets with additional liquidity to ward off the debt crisis and to support the real economy. , Critics such as the director of LSE's Hellenic Observatory argue that the billions of taxpayer euros are not saving Greece but financial institutions. , A group of economists from Princeton University suggest a new form of European Safe Bonds (ESBies), i.e. British discount retailer Poundland chose the name Dealz and not "Euroland" for its 2011 expansion into Ireland because, CEO Jim McCarthy said, "'Eurozone' ... is usually reported in association with bad news — job losses, debts and increased taxes". According to ECB's definition, a sovereign state will have managed to regain complete access to private lending markets, when it succeeds to issue new government bonds with a ten-year maturity.  Its public debt relative to GDP in 2010 was only 60%, more than 20 points less than Germany, France or the US, and more than 60 points less than Italy or Greece. It started with sudden reforms and austerity measures. Schui particularly notes Winston Churchill's attempt in 1925 and Heinrich Brüning's attempt in 1930 during the Weimar Republic. The EFSF can issue bonds or other debt instruments on the market with the support of the German Debt Management Office to raise the funds needed to provide loans to eurozone countries in financial troubles, recapitalise banks or buy sovereign debt. According to Steven Erlanger from The New York Times, a "Greek departure is likely to be seen as the beginning of the end for the whole euro zone project, a major accomplishment, whatever its faults, in the post-War construction of a Europe "whole and at peace". Governments lacking sound financial policies would be forced to rely on traditional (national) governmental bonds with less favourable market rates. In the past, many European countries have substantially exceeded these criteria over a long period of time.  A successful return to the long-term lending market was made by the issuing of a 5-year maturity bond series in January 2013, and the state regained complete lending access when it successfully issued a 10-year maturity bond series on 7 May 2013. 2017. But its impact is much less than one to one. The European debt crisis (often also referred to as the eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Greece and Cyprus both managed to partly regain market access in 2014. The island’s economy was in a downwards spiral for some time, yet existing laws exclude the U.S. territory’s public entities from federal bankruptcy laws. , Regardless of the corrective measures chosen to solve the current predicament, as long as cross border capital flows remain unregulated in the euro area, current account imbalances are likely to continue.  Particularly Moody's decision to downgrade Portugal's foreign debt to the category Ba2 "junk" has infuriated officials from the EU and Portugal alike. The authors note that "Many of those countries most in need to adjust [...] are now making the greatest progress towards restoring their fiscal balance and external competitiveness". Eurozone countries cannot devalue their currency. , On 16 December 2010 the European Council agreed a two line amendment to the EU Lisbon Treaty to allow for a permanent bail-out mechanism to be established including stronger sanctions.  Already a half-year earlier, several European countries as a response to the problem with subdued GDP growth in the eurozone, likewise had called for the implementation of a new reinforced growth strategy based on additional public investments, to be financed by growth-friendly taxes on property, land, wealth, and financial institutions. 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