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Sep-2008<br />
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Prelude and Phase One of the <strong>Crisis</strong> in <strong>EZ</strong> Periphery<br />
Spreads<br />
18<br />
16<br />
Greek deficit deceit Greek bailout Irish bailout Portuguese bailout Greece<br />
14<br />
12<br />
10<br />
8<br />
6<br />
Portugal<br />
Ireland<br />
4<br />
2<br />
0<br />
Prelude<br />
Phase One<br />
Note: The spreads are the difference between national 10-year government bound yields and those of Germany, in<br />
percentage points.<br />
Source: OECD online database with author’s elaboration.