The current economic crisis is having a considerable impact on public finances. In many countries, the first reaction to the crisis was to conduct countercyclical fiscal policies. As a result of the combined impact of automatic stabilisers and fiscal stimulus packages, government deficits have reached very high levels. The duration and extent of the crisis has led the markets to consider that this situation is unsustainable in certain countries, making it difficult for them to obtain funding through issuing debt. While the European economy is still in need of fiscal stimulus, it is true that in the countries in question, fiscal adjustment is unavoidable.
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