The global financial crisis following the failure of Lehman Brothers was indeed a shock that corresponded to such “acute symptom.” While the economies in the United States and Europe have managed to recover from the “acute symptom,” thanks to various policy measures by the national governments and central banks around the globe, it can be said that the “chronic symptom” still weighs heavily on those economies.
Here, let me touch on the recently highlighted issue of concern over fiscal deterioration, which is called sovereign risk using the word sovereign that means nation. While the Greek problem has been taken up in this connection, fiscal deficits in Greece did not worsen all of a sudden.