The origin of the crisis in the eurozone

The capital flowed into Greece. The real estate markets of Spain and Ireland have lived times of splendor.

But the bursting of the housing bubble in the U.S. and Europe in late 2007 dealt a blow first aura of invincibility in the euro zone. Then in late 2009, when a new Greek government found that his predecessor had lied about his tax figures, there was a huge loss of confidence spread throughout the block.

Politicians seemed slow to react, asking for an investigation first by the lack of transparency in Greece, instead of trying to calm investors, who began to pull money out of the country and ask for punitive rates to buy their debt.

The largest euro area economies and the International Monetary Fund extended to Athens an emergency loan in May 2010 but by then the finances of Greece had destroyed the illusion that all members of the area were the same.

Immediately, investors turned their attention to the weaker economies of Portugal and Spain, driving up its borrowing costs.

Strong Irish bank losses from the collapse of the housing bubble forced Ireland to receive a bailout six months after Greece. Portugal followed suit in May this year.

Still, the euro zone leaders missed another chance to bring calm to the markets. The reluctance of Germany, the largest economy in the region, promising to help members in trouble was that the bailouts are not the firewall that was expected.

The markets continued speculating against Spain and Italy, which together have debts by 2.5 billion euros.

Meanwhile, the tough austerity measures required to Greece in return led to rescue the economy to contract sharply, weakening the spending cuts and promises of increases in tax revenues.

To this is added that Athens place slowly with its agenda of privatization and reforms, which puts at risk the disbursement of a tranche of aid, which the Government next month would be no money to pay salaries and pensions.