以下是高顿网校小编为ACCA学员整理的：P4高级财务管理，供大家参考。
 
　　SO WHAT WENT WRONG?
　　Unfortunately, while Germany continued its tradition of investing in research and development and other productive purposes, the PIIGS used too much of the available credit to consume more, build generous social systems and fund a construction boom.
　　As a result of the growth in consumption, many of the countries now in trouble built up large balance of payment deficits that are clearly not sustainable. However, this excess consumption was tacitly encouraged by others as it helped demand and growth in their own economy.
　　The financial crisis which started in 2007 caused problems with the liquidity of banks and, as a result, lending and economic growth faltered. However, many of the loans made to both governments and private organisations had assumed certain levels of growth and when these failed to materialise problems arose with repaying and servicing the debts.
　　The construction boom led to real estate bubbles especially in Ireland and Spain. A large quantity of bank loans, made against the security of property, the demand for which evaporated due to the economic slowdown, has gone bad. This has caused the
　　need for large write offs. In Ireland the government had to step in and guarantee these loans in order to prevent the six main Irish banks from failing.
　　The failure of some countries to stay within the economic rules set for the Eurozone and the failure of the Eurozone as a whole to police these rules, which effectively let countries get away with circumventing and/or ignoring the rules, has meant that countries are now tied to a currency over which they have little control and which, due in part to their own failure to abide by the criteria set, is no longer suitable for their needs. As a member of the Euro they do not have the power to d*ue their currency or the monetary policy flexibility to take other action to try and resolve the situation they find themselves in. For instance, in Greece tourism  which accounts for 18% of Greek GDP and employs about one in five Greek workers  has been significantly reduced as a result of the strength of the Euro.
　　As the crisis has developed, the loss of confidence in the countries affected has led to rises in the bond yields required on their government debt. Given the amount of debt their governments have, bond yields can quickly achieve a level at which the government can no longer afford to service their debt. This loss of confidence has been fuelled by downgrades from the credit rating agencies, media speculation and speculators betting against the Euro and/or certain countries. Indeed, the bail out that Portugal required was thought to be driven to a certain extent by the actions of speculators.
　　A lack of firm and decisive action by the Eurozone countries and institutions has also added to the crisis. The Euro was established with no mechanism for a country to leave and bail outs of individual countries were not allowed for or expected. This is because all Eurozone members were supposed to adhere to the rules that would have prevented the current situation arising in the first place. Hence, there has been much dithering before action has been taken.
 
　　高顿网校小编寄语：人生终有许多选择。每一步都要慎重。但是一次选择不能决定一切。不要犹豫，作出选择就不要后悔。只要我们能不屈不挠地奋斗，胜利就在前方。

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