Photo: flickr/ MorBCN
The eurozone debt crisis has had a profound effect on the world economy.Countries such as Greece, Ireland and Portugal received emergency bailout money to stay afloat. Meanwhile, the U.S. government currently holds more than $15.7 trillion in debt, and lawmakers cannot agree on the best way to rein it in.
Governments end up with massive debts for a number of reasons, including government pension spending. Many of the eurozone countries that have the largest debt problems are also ones with the most generous public pensions — notably Greece, Spain, Italy and Portugal.
Greece, the poster child for the eurozone crisis, needs to find 1.4 billion euros ($1.73 billion) to fund its pensions just in 2013.
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