The concomitant increase in the debt ratio and doubts about debt sustainability led the capital markets to demand very high interest rates in return for financing Greece, Ireland and Portugal. These countries decided to request assistance from the other euro-area countries – though, of course, subject to strict austerity conditions.
What is sometimes felt to be an imposition in the countries concerned is ultimately in the interests of the crisis-hit countries themselves. After all, putting off the necessary consolidation affects the younger generation. For instance, this generation would have to pay higher taxes to service government debts.