It takes decades, or perhaps centuries, for deep institutions to evolve, and many attempts to simply impose these institutions in developing countries have failed. But that does not mean the process should not be continued, only that it needs to be done more sympathetically whereby the local population become more involved and can feel they own the reforms.
Debt levels that seemed quite manageable at lower yields now look potentially unsustainable to some market participants. In addition, the volatility of market perceptions of credit risks has been contributing to the level of yields. Short-term investors in what are now relatively high-yield bonds face considerable uncertainty about the price of those bonds in the market if they want to sell before maturity.