The European sovereign debt crisis erupted in 2010 when Greece revealed that its budget deficit had been significantly understated, triggering a loss of confidence in Greek debt and a cascade of financial turmoil across the eurozone. The crisis spread to Ireland, Portugal, Spain, and Italy, leading to a series of bailouts, austerity measures, and a near-collapse of the euro. The event exposed the structural flaws of the eurozone and led to a prolonged period of economic stagnation and social unrest in Southern Europe.

The crisis deeply influenced contemporary European poetry and literature, with writers across the continent exploring the human costs of austerity and the erosion of social solidarity. In Greece, poets like Kiki Dimoula wrote about the despair and resistance of the crisis years, while in Spain and Portugal, the crisis inspired a new wave of politically engaged poetry that critiqued the failures of the European project.