The financial crisis of 2007-2009 contributed to the largest sovereign default in history by which one of these countries?

Question

Quizplus · Accepted Answer

Greece experienced the largest sovereign default in history in 2012 as a result of the financial crisis of 2007-2009. The country's public debt reached 180% of its GDP and it required three bailout packages from the European Union, the European Central Bank, and the International Monetary Fund to avoid a complete economic collapse. Portugal and Ireland also received bailout packages, but their default amounts were not as significant as Greece's. Italy, on the other hand, did not default during this period.

The Financial Crisis of 2007-2009 Contributed to the Largest Sovereign