crisis

noun

Etymology: From Latin crisis, from Ancient Greek κρίσις (krísis, “a separating, power of distinguishing, decision, choice, election, judgment, dispute”), from κρίνω (krínō, “pick out, choose, decide, judge”).

1. A crucial or decisive point or situation; a turning point.
2. An unstable situation, in political, social, economic or military affairs, especially one involving an impending abrupt change.

   “The financial crisis could have been avoided and was the result of poor decision making both in Washington and at top financial firms that fostered a culture of excessive risk taking, according to a draft report written by Democrats on a panel that investigated the meltdown and obtained by Reuters.”

   “The big question, I believe, is whether the Italian and maybe Spanish crises are the kind of thing that might be brought under control by ECB bond purchases. This is often phrased in terms of whether they are facing liquidity or solvency problems; but I think it’s better phrased in terms of the possibility of self-fulfilling crises, a la Obstfeld. […] So there is a reasonable case that what we’re seeing in Italy is a self-fulfilling crisis trying to happen, in which fear of default is precisely what leads to default.”

3. A sudden change in the course of a disease, usually at which point the patient is expected to either recover or die.
4. A traumatic or stressful change in a person's life.

   “I'm having a major crisis trying to wallpaper the living room.”

5. A point in a drama at which a conflict reaches a peak before being resolved.