Between 2008 and 2013, nearly half of Eurozone members faced financial crises. Germany led the European Central Bank's effort to increase lending while mandating reforms to put countries back on a path to growth. Consider the global economic conditions that led to the financial crises in the Eurozone between 2008 and 2013 as part of a larger global crisis.

The global crisis initially started
a. in Ireland when several major banks faced insolvency.
b. in the United States when AIG declared bankruptcy.
c. in Greece when Standard & Poor's downgraded the country's sovereign debt to junk status.
d. in the United States when some people with subprime mortgages started to default.