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European Debt Crisis Fast Facts Here’s a look at the European Debt Crisis, which affected Cyprus, Greece, Ireland, Italy, Portugal and Spain. Cyprus July 11, 2011 – A munitions explosion at a naval base kills 13 people and destroys the country’s main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy. December 23, 2011 – After a series of credit downgrades and exposure to the financial crisis in Greece, Cyprus signs an agreement with Russia for an emergency loan worth €2.5 billion to shore up its economy. Cyprus agrees to pay the loan back over 4.5 years with a 4.5% interest rate. ....