The context for this was the European sovereign debt crisis of the late 2000s, itself brought on by the banking crisis. (politics.stackexchange.com)
The size of a state, particularly in this age of sovereign debt crises, is a key indicator for investors. (conservativehome.blogs.com)
Remember, the 2008 crisis & the ongoing European sovereign debt crisis are financial / leverage induced crises, not a regular economic contraction. (wexboy.wordpress.com)