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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====
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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====
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.
 
Greece joined, what by then was known as  the eurozone, in 2001, Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009.
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.
 
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.
 
''[[Eurozone crisis|.... (read more)]]''
{|align="center" cellpadding="5" style="background:lightgray; width:95%; border: 1px solid #aaa; margin:10px; font-size: 92%;"
| In addition to the following text, this article comprises:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- a [[Eurozone crisis/Addendum#Crisis development by country|'''country-by-country summary''']] of the development of the crisis;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- [[Eurozone crisis/Timelines|'''links  to contemporary reports''']] of the main events of the crisis;<br>&nbsp;&nbsp;&nbsp;&nbsp; - 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>&nbsp;&nbsp;&nbsp;&nbsp; - tabulations of the [[Eurozone crisis/Addendum#Fiscal characteristics|'''fiscal characteristics of the PIIGS countries''']] , and their [[Eurozone crisis/Addendum#GDP growth|'''GDP growth rates''']]
|}

Latest revision as of 10:19, 11 September 2020

Nuclear weapons proliferation is one of the four big issues that have held back worldwide deployment of peaceful nuclear power. This article will address the proliferation questions raised in Nuclear power reconsidered.

As of 2022, countries with nuclear weapons have followed one or both of two paths in producing fissile materials for nuclear weapons: enrichment of uranium to very high fractions of U-235, or extraction of fissile plutonium (Pu-239) from irradiated uranium nuclear reactor fuel. The US forged the way on both paths during its World War II Manhattan Project. The fundamental aspects of both paths are well understood, but both are technically challenging. Even relatively poor countries can be successful if they have sufficient motivation, financial investment, and, in some cases, direct or illicit assistance from more technologically advanced countries.

The International Non-proliferation Regime

The International Atomic Energy Agency (IAEA) has a vigorous program to prevent additional countries from acquiring nuclear weapons. The Treaty on the Non-Proliferation of Nuclear Weapons (NPT) is the cornerstone arrangement under which strategic rivals can trust, by independent international verification, that their rivals are not developing a nuclear weapons threat. The large expense of weapons programs makes it very unlikely that a country would start its own nuclear weapons program, if it knows that its rivals are not so engaged. With some notable and worrying exceptions, this program has been largely successful.

Paths to the Bomb

It is frequently claimed that building a civil nuclear power program adds to the weapons proliferation risk. There is an overlap in the two distinct technologies, after all. To build a bomb, one needs Highly Enriched Uranium (HEU) or weapons-grade plutonium (Pu-239). Existing reactors running on Low Enriched Uranium (LEU, under 5% U-235) or advanced reactors running on High Assay LEU (HALEU,up to 20% U-235) use the same technology that can enrich uranium to very high levels, but configured differently. Enrichment levels and centrifuge configurations can be monitored using remote cameras, on-site inspections, and installed instrumentation -- hence the value of international inspections by the IAEA. Using commercial power reactors as a weapons plutonium source is an extremely ineffective, slow, expensive, and easily detectable way to produce Pu. Besides the nuclear physics issues, refueling pressurized water reactors is both time-consuming and obvious to outside observers. That is why the US and other countries developed specialized Pu production reactors and/or uranium enrichment to produce fissile cores for nuclear weapons.

Future Threats and Barriers

Minimizing the risk of future proliferation in states that want to buy nuclear reactors or fuel might require one or more barriers:
1) Insisting on full transparency for all nuclear activities in buyer states, including monitoring and inspections by the International Atomic Energy Agency (IAEA).
2) Limiting fuel processing to just a few supplier states that already have weapons or are approved by the IAEA.
3) Ensuring that fuel at any stage after initial fabrication has an isotopic composition unsuitable for weapons. "Spiking" the initial fuel with non-fissile isotopes, if necessary.
4) Limiting the types of reactors deployed to buyer states. In general, breeders are less secure than burners. Sealed reactor modules are more secure than reactors with on-site fuel processing.
5) Providing incentives and assurances for buyer states to go along with all of the above.
6) Application of diplomatic pressure, sanctions, and other economic measures to non-compliant states.
7) Agreement that any reactor declared rogue by the IAEA will be "fair game" for any state feeling threatened.

Footnotes