a financial crisis that originated in the early 1980s (and for some countries starting in the 1970s), often known as La Década Perdida (The Lost Decade), when Latin American countries reached a point where their foreign debt exceeded their earning power, and they could not repay it.

(economics, finance) A multiyear debt crisis that took place in the European Union from 2009 until the mid to late 2010s.

The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union from 2009 until the mid to late 2010s that made it difficult or impossible for some countries in the euro area to repay or refinance their government debt without the assistance of third parties.