(CNN)Here's a look at the European Debt Crisis, which affected Cyprus, Greece, Ireland, Italy, Portugal and Spain.
July 11, 2011 - A munitions explosion at a naval base kills 13 people and destroys the country's main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy.
January 1, 2001 - Greece drops its currency, the drachma, in order to join the EU "eurozone." Greece is the 12th country to adopt the euro. In order to meet the EU's standards, Greece makes deep cuts in public spending.
September 2008 - Ireland is the first eurozone country to fall into recession.
May 25, 2010 - Italy approves a €24 billion austerity plan, designed to cut the deficit to 2.7% of GDP by 2012.
November 19, 2009 - Portugal forecasts that its deficit in 2009 will be 8% of GDP.
January 2009 - Spain enters its first recession in 15 years.