Answer:
Explanation:
The issue began the many of the periphery countries had asset bubbles in the time prompting the Great Recession, with capital spilling out of more grounded economies to more fragile economies. This financial development drove policymakers to build open spending. At the point when these benefit bubbles popped, it brought about gigantic bank misfortunes that encouraged bailouts. The bailouts exacerbated deficits that were already large due to decreased tax revenues and high spending levels.
