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The austerity measures forced the government to cut spending and increase taxes. They cost 72 billion euros or 40% of GDP. As a result, the Greek economy shrank 25%. That reduced the tax revenues needed to repay the debt. Unemployment rose to 25%, while youth unemployment hit 50%. 6 Rioting broke out in the streets. economies in the Eurozone. These policy measures, discussed in greater detail below, have failed to reassure markets for any sustained period of time, however, the crisis has provoked protests and backlash against austerity measures. In the economically stronger economies that have been providing financial assistance to the weaker The Eurozone crisis has been wrongly interpreted as either a crisis of fiscal profligacy or of deteriorating unit-labour cost competitiveness (caused by rigid labour markets), or a combination of both. Based on these diagnoses, crisis-countries have been treated with the bitter medicines of fiscal austerity, drastic Third, austerity measures slowed economic growth by being too restrictive. They increased unemployment, cut back consumer spending, and reduced the capital needed for lending. Greek voters were fed up with the recession and shut down the Greek government by giving an equal number of votes to the "no austerity" Syriza party. additional austerity measures in July 2011, its deteriorating economic performance meant it would not be able to borrow on the open market in 2012. This led to a . second . financial support programme. First discussed at a July 2011 summit of leaders and agreed in February 2012, Greece's imminent default on some debts and the The Eurozone is facing a systemic crisis with far-reaching consequences for the fu- 2.4.3 The Austerity/Growth Trap, up the different pieces, such as bank bailouts, austerity measures, loan guarantees and many other aspects so that the situation can be viewed as a whole. The Eurozone crisis represents one of the greatest economic tragedies of the past century. It has caused immense human suffering, which continues to this day. The standard view attributes the economic crisis to an earlier buildup of public and private debt that was augmented by the imposition of austerity during the crisis. major sovereign debt crises in the Eurozone's periphery, often followed by the implementation of tough austerity measures or programmes for structural reforms of welfare states and labour markets. Up to the present day, the on-going crisis of the common currency is arguably the biggest challenge the European Union ever had to confront. Core-Periphery in the Eurozone Paul De Grauwe London School of Economics Conference "The future of central banking", in honour of Vitor Constancio", Frankfurt, 16-17 May, 2018 OMT is loaded with austerity measures making it unsure countries will want to use it . To be effective, the eurozone's remedial "cocktail" must contain three ingredients. The first is a credible commitment to policies that prevent crisis-inducing fiscal and financial imbalances in the future. The second is reforms that strengthen long-run growth. The Eurozone Crisis The global economic downturn - effects on EU state