This result is not in line with the analysis of the fundamentals of various countries, as shown, for example, by the assessments, although questionable, of the rating agencies. Italy and Spain are A-rated, while Egypt, Lebanon and Vietnam are B-rated.
Looking at the fiscal position of euro area members, it can easily be seen that the situation is much more favourable than several other advanced economies (see Table 1). Why is there such a dichotomy between fundamentals and market assessment?