In 2003 we reached a position where the ratio was 104 percent, and it looks as if the ratio in 2005 was slightly below 100 percent. This reduction was the result of the low deficit, rapid growth and the proceeds of privatization.
Third, the triggering factors that helped the bubbles burst:   Massive defaults in the U.S. subprime mortgage market;    In a second step, the bankruptcy of Lehman Brothers.