During the last quarter of 2008, the world economy entered a period of global economic downturn, known as the "Great Recession". The situation is particularly serious in the Eurozone countries. “In 2010, Greece's GDP fell from 235 billion euros to 230 billion euros, a drop of 4.5% and the unemployment rate reached a record high of 28% in the last quarter of 2013, making it the country's worst recession since 1974." (Tsafos, PIB) As a result, this led to the adoption of a series of policies whose aim is to reduce the state budget deficit, known as the name of “austerity measures”. Austerity measures attempt to reduce the government's budget deficit by raising taxes and cutting public services, such as reducing the number of government employees and cutting health care. However, the adoption of the austerity plan caused public outrage because the plan had led to high unemployment. In order to recover from an economic recession, the government and the people must be patient to solve the problem step by step, because the process of recovering from an economic recession is long and tedious. The European Union's process of emerging from recession began with the formation of the European Union. of the European Financial Stability Fund, also known as the EFSC. The FESC was created in May 2010 by 27 member states of the European Union with the aim of safeguarding financial stability in Europe. In a CNBC article, Mark Koba outlines the steps the EFSF is taking to help improve economic conditions in the Eurozone: “The EFSF issues bonds or other debt instruments to provide loans to countries that need them . The loans are guaranteed by other eurozone states.” (Koba, CNBC) After a nation applies for a loan, middle of paper... the end of humanity could come from a natural disaster, but in fact, the demise of humanity may come from our own hands. The moment when people only care about their own benefit and stop trusting each other is the beginning of an end. Works CitedBlodget, Henry. “IT’S OFFICIAL: Cutting public spending hurts our economy.” . Business Insider, February 27, 2013. Web. May 9, 2014. Daley, Suzanne. "Greece's aggressive pursuit of tax evaders appears to generate more anger than money." New York Times, October 28, 2013. Web. May 9, 2014. Koba, Mark. “EFSF: CNBC explains.” . CNBC, October 20, 2011. Web. May 9, 2014. Krugman, Paul. “The conscience of a liberal Why devalue.” . New York Times, May 1, 2010. Web. May 9, 2014. “Tax Cuts.” . Money Chimp, and Web. May 9, 2014. Tsafos, Nikos. "Greece's GDP in 2010." . Greek Default Watch, April 12, 2011. Web. May 9 2014.