On November 1, 1993, the fate of our economy was decided. After half a century of waiting, the euro zone has returned to solemn existence. The nations of Europe, once the great powers of the world, had accomplished a risky, even foolish, task. The world's first regional economic system has been successfully created. Today, almost two decades later, the world's economies are on the brink of collapse, and it appears that no economy other than the Eurozone is at fault, due to its recent and fairly reckless. While the rest of the world continues to blame the Eurozone and its twenty-five member states, including the United Kingdom of Great Britain and Northern Ireland, France, Spain, Portugal, Italy and Germany, we remain vigilant to see if the Eurozone is truly guilty of this odious accusation. In order to comprehensively examine the Eurozone crisis, one must understand the specific events that led to this global economic downfall. The name of this particular crisis is the sovereign debt crisis. Essentially, as Eurozone members participated in the global economy, their GDP was exceeded by their debt – with Greece known for its reckless economic ventures – rendering them unable to repay their excessive debts. As this situation developed, countries like Greece were bailed out by other Eurozone members (usually Germany) and then forced to take on massive debt to repay. Interest rates have soared and the Eurozone remains, as we see it today, a pitiful relic of a once great global trading partner (Capitalvia, 2011). With the Eurozone unable to participate effectively in global trade, all countries that depended on the Euro suffered, particularly because of the 12% depreciation of ...... middle of paper ...... excerpt from http://www.piie.com/blogs/?p=1742Oxford. (December 19, 2011). Will the Eurozone crisis sink the world economy? Retrieved from http://www.oxfordnomics.com/samples/USWEEK191211.PDFOxford. (December 19, 2011). Will the Eurozone crisis sink the world economy? Retrieved from http://www.oxfordnomics.com/samples/USWEEK191211.PDFDesjardins. (December 19, 2011). The euro zone has an impact on global economic growth, according to Desjardins Group economists. Extracted from http://www.desjardins.com/fr/a_propos/salle_presse/la_une/communiques/2011121901.pdfBBC. (November 7, 2011). Eurozone crisis: its consequences for the East and the West. Retrieved from http://www.bbc.co.uk/news/magazine-15619946Reuters. (2011, December 5). The euro zone and China announce a global slowdown. Retrieved from http://www.reuters.com/article/2011/12/05/us-economy-global-idUSTRE7B30RP20111205