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Over the past few years a number of countries in the eurozone – Greece in May 2010 and February 2012, Ireland in November 2010, Portugal in May 2011, Spain in July 2012 for its banks and Cyprus in May 2013 – have been forced into taking emergency loans – or “bailouts” – from other eurozone and EU governments and the IMF. Some of the key causes of the eurozone crisis include:

• one-size-fits-all monetary policy;

• misplaced confidence and assessment of risks;

• economic divergence and trade imbalances;

• response to the crisis;

• country-specific factors.

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