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The global financial crisis of the late 2000s started with the collapse of private banks and their subsequent bailout by the taxpayers in the USA and the UK, but quickly spread to other countries as well. In Europe, Greece, Portugal and Ireland were unable to borrow at reasonable rates and were therefore forced to receive financial aid from the International Monetary Fund and the European Union.
This financial aid, however, came with strings attached. All three countries agreed on an economic programme, which had two aims:
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