And this seems natural as there are a very large number of angles from which it is possible to look at such a complex phenomenon as the sovereign debt crisis. And depending on the angle, it is possible to tell somewhat a different story. The core elements of those stories are always the same, however.
We can find them at both the national and the European levels. Let us first take a look at the national level; in other words, the countries themselves. Following the introduction of the euro, a large amount of capital flowed into the countries which are now at the centre of the crisis such as Greece, Ireland, Portugal, Spain and Cyprus.