The European debt crisis began as debt levels rose in countries like Greece, Ireland, Italy, Portugal and Spain. This called into question their ability to repay loans and weakened the collateral backing loans from the European Central Bank. To avoid default, the EU and IMF have bailed out some countries but imposed strict austerity measures, cutting spending and jobs. However, austerity threatens economic recovery and a "double dip" recession. The crisis could spread to the US through reduced demand for US exports and a weaker euro. The high debt levels may cast a long-term shadow on economic growth across Europe and globally.