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During the last 4 years and since the collapse of Lehman Brothers, the Eurozone has been confronted with the greatest economic crisis since the great depression of the 1930s. Especially hit are the member-states of Greece, Ireland, Portugal, Spain and Italy – the so-called “PIGS” states (Portugal, Ireland, Italy, Greece and Spain). There has been a lot of debate as to the causes and the ways of responding to this debt crisis. Some attribute the crisis to expanding global capitalism and the competition for new and cheaper labor markets, while others view it as a problem of modernization, national character, and over-consumption in relation to a country’s production capacity.