Investors’ concerns eventually led the country to be shut out of the international financial markets in the first half of 2011, after the 10-year yields had nearly doubled in the previous year. This led to a request for official financing under a financial assistance programme negotiated with the European Union and the International Monetary Fund. 3.
2011 onwards – Macroeconomic rebalancing and financial deleveraging: notable progress, but no room for complacency Notable progress was achieved with the implementation of the financial assistance programme: The budget deficit significantly declined and public debt is now on a downward trend; Private sector deleveraging is ongoing; and The banking sector is more robust, with a stronger liquidity position, higher solvency ratios and improved asset quality.