The phrase "debt crisis" refers to a situation where an individual, company, or country is unable to pay the money they owe to others. This can lead to financial instability and a struggle to meet financial obligations. Full definition
The context for this was the European sovereign debt crisis of the late 2000s, itself brought on by the banking crisis. (politics.stackexchange.com)
Last but not least, some opponents of the bill do not believe the legislation solves the student debt crisis in the long - term. (cheapscholar.org)
The weakness of this approach was revealed in 2008 and during the European debt crisis when supposedly safe assets turned out to be dangerously risky. (propertypak.com)