This, however, ended up being a Pyrrhic victory as they emerged with troubled balance-sheets themselves, raising their debt to Gross Domestic Product (GDP) ratios from healthy to questionable levels, and triggering sovereign debt crises.
With the increase in output experienced in recent  1  BIS Review 112/2000  years and with nominal interest rates relatively low by international standards, the burden of debt has fallen significantly. These favourable developments have given rise to a range of issues, some of which are new to us.