Part 3/9:
The aftermath of the Eurozone crisis saw governments in these countries resorting to massive public spending to avert economic collapse and maintain political stability, sending public debt soaring. Reports indicated that by this time, Portugal’s debt had reached 130% of GDP, while Spain and Greece's figures were respectively at 100% and 170%. As borrowing costs escalated and sovereign defaults loomed, these nations sought help from the EU and the European Central Bank (ECB). However, much of the assistance came with stringent austerity measures, igniting socio-economic debates that stoked the already tense relationship between Northern and Southern Europe.