Late-2000s Recession In Europe
The European recession is part of the Great Recession, which began in the United States. The crisis spread to Europe rapidly and affected much of the region with several countries already in recession as of February 2009, and most others suffering marked economic setbacks. The global recession was first seen in Europe, as Denmark was the first country to fall in recession.
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“I thought ten thousand swords must have leaped from their scabbards to avenge even a look that threatened her with insult. But the age of chivalry is gone. That of sophisters, economists and calculators has succeeded; and the glory of Europe is extinguished forever.”
—Edmund Burke (1729–1797)