Financial investors soon recognized that risk had been underestimated in some countries, causing interest rates to rise, sometimes to unsustainable levels, as in Greece, Portugal, and Ireland. While the decline in aggregate demand led to reduced imports, the combination of higher interest rates, lower public expenditure, tax increases, and wage deflation boosted unemployment and triggered recession.
金融投资者很快意识到，一些国家的风险被低估了，这让利率开始抬升，甚至升高到不可持续的水平，比如希腊、葡萄牙和爱尔兰的情形。总需求的下滑导致了的减少，尽管如此，利率的升高、公共支出的下降、税收的增加以及工资通缩的合力导致失业率高企，经济陷入衰退。