The European Sovereign Debt Crisis refers to a financial situation that began in late 2009, when several countries in the Eurozone faced difficulties in repaying or refinancing their government debt. This crisis was primarily triggered by the global financial crisis of 2007-2008, which exposed underlying economic weaknesses in countries like Greece, Ireland, Portugal, Spain, and Italy. As a result, these nations experienced rising borrowing costs and declining investor confidence. To stabilize the situation, the European Union and the International Monetary Fund provided financial assistance packages, which often came with strict austerity measures aimed at reducing public spending and restoring fiscal balance.