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imported>John Stephenson |
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| The '''[[eurozone crisis]]''' that started in 2010 arose from doubts about the ability of some eurozone governments to service their debts. .
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| The financial assistance given to those governments has failed restore the confidence of the markets, and bond market investors have become reluctant to buy the bonds being issued by some other eurozone governments. There are uncertainties about the willingness of the major eurozone governments to provide the further assistance that may be needed, and fears that there may be a breakup of the eurozone and a global financial crisis if they do not.
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| | | ==Footnotes== |
| ====Overview==== | | {{reflist|2}} |
| The crisis started early in 2010 with the revelation that, without external assistance, the Greek government would be forced to default on its debt. The assistance that was provided by other eurozone governments enabled the Greek government to continue to roll-over maturing debts until, in the latter half of 20ll, it became evident that a default could no longer be avoided. In the meantime, investors' fears of default had increased the cost of borrowing to other eurozone governments, making it necessary to provide financial assistance to the governments of both Ireland and Portugal. By September 2011, the international community had become aware of the danger that a Greek government default, and that its repercussions could administer a shock to the world economy comparable to the shock that triggered the Great Recession. Plans were initiated to provide the financial support needed to avoid a comparable malfunction of the global financial system. Substantial political obstacles would have to be overcome before such plans could be put into effect.
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| ====Background to the crisis====
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| In 1991, leaders of the 15 countries that then made up the European Union, set up a monetary union with a single currency. There were strict criteria for joining (including targets for inflation, interest rates and budget deficits), and other rules that were intended to preserve its members' fiscal sustainability were added later. No provision was made for the expulsion of countries that did not comply with its rules, nor for the voluntary departure of those who no longer wished to remain, but it was intended to impose financial penalties for breaches.
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| Greece joined, what by then was known as the eurozone, in 2001, Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009.
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| The current membership comprises Belgium, Germany¸ Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, The Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland. Bulgaria, Czech Republic.
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| The non-members of the eurozone among members of the European Union are Denmark, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Sweden and the United Kingdom.
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| ''[[Eurozone crisis|.... (read more)]]''
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| {|align="center" cellpadding="5" style="background:lightgray; width:95%; border: 1px solid #aaa; margin:10px; font-size: 92%;" | |
| | In addition to the above text, this article comprises:<br> - a [[Eurozone crisis/Addendum#Crisis development by country|'''country-by-country summary''']] of the development of the crisis;<br> - [[Eurozone crisis/Timelines|'''links to contemporary reports''']] of the main events of the crisis;<br> - notes on [[Eurozone crisis/Tutorials#The debt trap|'''the debt trap''']], the eurozone's departures from [[Eurozone crisis/Tutorials#Departures from optimum currency area criteria| '''optimum currency area criteria''']], and on [[Eurozone crisis/Tutorials#The eurobond proposal|'''the eurobond proposal''']]; and,<br> - tabulations of the [[Eurozone crisis/Addendum#Fiscal characteristics|'''fiscal characteristics of the PIIGS countries''']] , and their [[Eurozone crisis/Addendum#GDP growth|'''GDP growth rates''']]
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Latest revision as of 10:19, 11 September 2020
The Irvin pin. The eyes have always been red, but there are
urban legends about the meanings of other colors.
A pin from another company, possibly Switlik or Standard Parachute. This style is common in catalogs and auctions of military memorabilia.
The Caterpillar Club is an informal association of people who have successfully used a parachute to bail out of a disabled aircraft. After authentication by the parachute maker, applicants receive a membership certificate and a distinctive lapel pin.
History
Before April 28, 1919 there was no way for a pilot to jump out of a plane and then to deploy a parachute. Parachutes were stored in a canister attached to the aircraft, and if the plane was spinning, the parachute could not deploy. Film industry stuntman Leslie Irvin developed a parachute that the pilot could deploy at will from a back pack using a ripcord. He joined the Army Air Corps parachute research team, and in April 1919 he successfully tested his design, though he broke his ankle during the test. Irvin was the first person to make a premeditated free fall jump from an airplane. He went on to form the Irving Airchute Company, which became a large supplier of parachutes. (A clerical error resulted in the addition of the "g" to Irvin and this was left in place until 1970, when the company was unified under the title Irvin Industries Incorporated.) The Irvin brand is now a part of Airborne Systems, a company with operations in Canada, the U.S. and the U.K.[1].
An early brochure [2] of the Irvin Parachute Company credits William O'Connor 24 August 1920 at McCook Field near Dayton, Ohio as the first person to be saved by an Irvin parachute, but this feat was unrecognised. On 20 October 1922 Lieutenant Harold R. Harris, chief of the McCook Field Flying Station, jumped from a disabled Loening W-2A monoplane fighter. Shortly after, two reporters from the Dayton Herald, realising that there would be more jumps in future, suggested that a club should be formed. 'Caterpillar Club' was suggested because the parachute canopy was made of silk, and because caterpillars have to climb out of their cocoons and fly away. Harris became the first member, and from that time forward any person who jumped from a disabled aircraft with a parachute became a member of the Caterpillar Club. Other famous members include General James Doolittle, Charles Lindbergh and (retired) astronaut John Glenn.
In 1922 Leslie Irvin agreed to give a gold pin to every person whose life was saved by one of his parachutes. By 1945 the number of members with the Irvin pins had grown to over 34,000. In addition to the Irvin Air Chute Company and its successors, other parachute manufacturers have also issued caterpillar pins for successful jumps. Irvin/Irving's successor, Airborne Systems Canada, still provides pins to people who made their jump long ago and are just now applying for membership. Another of these is Switlik Parachute Company, which though it no longer makes parachutes, still issues pins.
