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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.
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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.
Whereas fiscal reforms had strengthened the state in the 18th century, fiscal weakness plagued Qing governments thereafter.
Fiscal weakness and policy flip-flops led Fitch, a credit-rating agency, to cut Vietnam's sovereign rating in July.
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.
Nor does the latest loan "alter the structural and fiscal weakness from the recession that is unveiling itself" here, the daily Folha de São Paulo noted in an editorial published on Saturday.
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CEO of Professional Science Editing for Scientists @ prosciediting.com