At that time, the market for emerging markets' sovereign debt was small and illiquid, and the standardization of emerging-market debt facilitated risk-spreading and trading.
This number declined to 3,091 administrative parishes as part of the austerity (brought on by the sovereign debt crisis) and administrative reforms of the local government.
As a consequence of this pathological increase in their sovereign debt, countries are forced to pay huge amounts of interests without obtaining any real counterpart.
