b'1.2. The state of the Eurozone The Eurozone has been hampered by inefficiency, poor economic growth, and fragility - trends which continue to the present day.Table 71 Loans and bailouts Total amount CountryPeriodcommittedSourcesRepublic of Ireland2010-2013 85.0 billionEFSM, EFSF, IMF, bilateralPortugal2011-2014 78.0 billionEFSM, EFSF, IMFSpain2012-2013100.0 billionESMGreece2010-2016 282.7 billionEA MSs,IMF, EFSF, IMFSource: EurostatRecessions and spending cuts have hitThe author was asked on CNBC to discuss Greece, Spain, Portugal, Ireland, Italy andthe Greek crisis on 6 July 2015. The following France. The EUs policies towards Portugalexchange is relevant. in its 2012 economic crisis were particularly ineffective. Austerity measures implementedCNBC Interviewer: at the behest of the EU in 2012 helpedDo you think this is a watershed moment, contribute to a 17.5% unemploymentthis vote? rate and 41% increase in corporate bankruptcies.6Only in 2015, after theWilliam Dartmouth: democratically elected national governmentYes, it is a watershed moment. When you shrugged off the harsh measures, did thewent into the Eurozone, its actually a fixed economy begin to recover.currency. Youre not meant to be able to leave. The fact of the matter is that Greece Greece, which was unable to prevent suchcannot pay its debts. Whether it had a austerity measures, was not so lucky. Theyes or a no, it still could not pay its debts. austerity demands imposed on GreeceWhat has to happen is two things: One during the crisis led to a massive downturnis the lenders, this is the financial news in GDP, without actually resolving the debtchannel, so as you know, when lenders crisis. The combination of decreased GDPlend money to somebody who cant pay alongside rising debt, then, has naturallyit back, what happens? The lenders lose increased Greeces GDP to debt ratio. Insome or all of their loan, and they show no 2009, in the immediate aftermath of thesigns of admitting that. And the second financial crisis, Greeces GDP to debt ratiothing is that the logic for Greece is that stood at 127%. As of 2017, the debt to GDPthey leave the Eurozone.ratio stood at 178%.7157'