Some 90% of the refinancing debt that the commercial banks of the GIPS countries (Greece, Ireland, Portugal, and Spain) hold with their respective national central banks served to purchase a net inflow of goods and assets from other eurozone countries. Two-thirds of all refinancing loans within the eurozone were granted within the GIPS countries, despite the fact that these countries account for only 18% of eurozone GDP.
四猪国（希腊、爱尔兰、葡萄牙和西班牙）商业银行90%左右的再融资债务是经各自国家央行点头的，发债的目的从其他欧元区国家购买商品和资产净流入。欧元区内部再融资贷款总量的三分之二来自四猪国，而这四个国家的GDP只占欧元区的18%。事实上，过去三年来，这四个国家经常项目赤字的88%是通过欧元体系内部的信贷扩张融资的。