What Contributed to the Recent Debt Crises in Several European

Multiple Choice

What contributed to the recent debt crises in several European countries?

A) many loans made by banks before the crises were unlikely to be paid back
B) these countries had very high debt-to-GDP ratios
C) Germany, which often serves as the locomotive for European growth, encountered a long and severe recession
D) all of the above
E) only A) and B)