European Sovereign Debt Crisis

The financial crisis of 2008 started in the U.S. subprime mortgage market, but spread around the world. The European pocket of the disaster was named "the European Sovereign Debt Crisis."

"Sovereign debt" is the name given to bonds issued by governments. The hardest hit of the EU countries was Greece, which became the face of the crisis. The country's bonds reached junk status, prompting international agencies, like the International Monetary Fund and the larger EU countries, to step in and bail Greece out.

Greece has a 32-hour work week. How are your lats and glutes there, Greece? You people must be in amazing shape, able to spend allll that time at the gym while the rest of the world, um, works.