期刊名称：Federal Reserve Bank of St. Louis - Regional Economist
出版年度：2014
出版社：Federal Reserve Bank of St. Louis
摘要：S everal historical examples show that financial crises generate large increases in private and public debt that take many years and sometimes drastic measures to be worked out. The recent global financial crisis was no d ifferent. In the wake of the crisis, which began in 2007, t he public debt of the affected countries increased to levels not seen since t he years after World War II. Also rising was the perceived risk of default on this debt. The initial worries lay w ith four peripheral cou ntries of the European Union (Greece, Irela nd, Portuga l and Spain, sometimes referred to by the acronym of GIPS or PIGS) but soon extended to Italy (thus becoming GIIPS or PIIGS) in t he summer of 2011 a nd later to Cy prus, Slovenia and even Fra nce. As a consequence, financial markets and inves- tors demanded higher yields to keep buying t he debt issued by t his group of count ries; some countries, such as Portuga l and Irela nd, stopped issuing debt a lmost ent irely and t urned to borrowing from the European Union (EU) and t he Internat ional Monetary Fund (IMF).
