In the last quarter of 2008 the world economy began a period of global economic slowdown, known as the “Great Recession”. The situation is particularly serious in Eurozone countries. “In 2010, Greece's GDP fell from 235 billion euros to 230 billion euros, a decline 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, GDP) As a result it has led to the approval of a series of policies whose aim is to reduce the government budget deficit, known as “austerity measures”. Austerity measures attempt to reduce the government budget deficit by raising taxes and cutting public services, such as reducing the number of public employees and cutting healthcare. However, the approval of the austerity plan caused public outrage due to the fact that the plan had resulted in high unemployment. To recover from an economic downturn, both the government and its citizens must have the patience to solve the problem step by step because the process of recovering from an economic downturn is long and tedious. The European Union's recession recovery process began with the formation of the European Financial Stability Facility, also known as the EFSC. The EFSC 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 explains the action taken by the EFSF 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 requests a loan, the inter...... middle of paper ...... the end of humanity could result from a natural disaster, but in reality the end of humanity can 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 government spending is hurting our economy." . Business Insider, February 27, 2013. Web. May 9, 2014.Daley, Suzanne. “Greece's aggressive prosecution of tax evaders appears to garner 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. "A Liberal's Conscience 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." . Default Greek Clock, April 12, 2011. Web. May 9 2014.