Consequently, trade deficit countries increased borrowing from other countries more than their potential, and could not put a brake at an earlier stage. Thus, in the case of Greece, it became difficult for excessively issued government bonds to be repaid in full after all, and such situation surfaced as this time’s debt problem.
There is also a problem of ballooning fiscal deficit after the Lehman shock, which is common to Japan, the United States, and Europe Excessive government debt has been accumulated as there was a weakness in the mechanism of monetary union in the euro area.