Other countries not comparable: (10-y spreads only around 200 to 400 bps)   Portugal: problems less severe and different: competitiveness but no housing bubble! Nevertheless, meager growth prospects and high interest rates make Portugal susceptible to refinancing risks.
  Spain: low initial debt level (40% of GDP), in 2010: 64% – still below Germany’s debt (76%), but strong dynamics; relatively sound banks despite housing bubble;    Italy: low liquidity risks, high saving rate, low external debt (but high overall debt). A euro crisis?