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Many of the world's economic problems, from weak American housing and European fiscal weakness to global economic imbalances, have not gone away.
Argentina's fixed exchange rate, high borrowing costs and fiscal weakness have trapped it in recession.
Many economists believe its strength, paradoxically, is a consequence of United States fiscal weakness.
Fiscal weakness and policy flip-flops led Fitch, a credit-rating agency, to cut Vietnam's sovereign rating in July.
Whereas fiscal reforms had strengthened the state in the 18th century, fiscal weakness plagued Qing governments thereafter.
And with a United States essentially sidelined because of its own economic and fiscal weakness, it is even less of a surprise that the S O S is going out to China.
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Greece and Portugal ran huge current-account deficits while Ireland presided over a prodigious property boom that disguised underlying fiscal weaknesses through flaky housing-related revenues.
Then, when it came time for the hand-off to a successor, those fiscal weaknesses came abruptly to light, shattering investors' confidence and sending the peso into a dive.
"The progress made so far in the restructuring and modernisation of banks and state-owned enterprises has reduced underlying public-sector fiscal weaknesses and has strengthened the government budget," said Moody's senior vice president Thomas Byrne.
So when the downside risks to global growth recede, these countries will need to begin making progress again in reducing their fiscal weaknesses.
The economy has basically flat-lined for two years and, with household deleveraging, heavy fiscal drag and weakness in key EMU export markets, we expect that the economy is likely to be roughly flat for the next 12-18 months as well".
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