1、Two vicious circles are at work with a wounded financial system contributing to both.
2、Sometimes these risky debt structures can create virtuous circles in which good economic news causes structural reductions in the debt burden, but they can quickly change into vicious circles when external conditions change.
3、Since these bonds would be guaranteed by the European Union as a whole, they would offer a way for troubled economies to avoid vicious circles of falling confidence and rising borrowing costs.
