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European sovereign-debt crisis

multi-year debt crisis in multiple EU countries, since late 2009

Pronunciation
/jʊərəˈpiːən ˈsɒvrɪn - dɛt ˈkrʌɪsɪs/
/ˌjʊrəˈpiən ˈsɑvərən - dɛt ˈkraɪsɪs/