Instead, the entire Eurozone responded, mostly because the member countries were afraid of a contagion effect. Da Silva and Medeiros Garcia (2013) show that major stock exchanges around the world are interconnected and that there is a “strong risk spillover effect between the southern European stock markets”. Arghyrou and Tsoukalas (2010) argue that the Greek contagion effect was significant to other European Monetary Union countries, which was clear as investors withdrew not only from Greece but also from Portugal, Spain, Ireland, and Italy. According to the Congressional Research Service report on the topic, these countries, just like Greece, had borrowed heavily prior to the crisis and could share Greece’s fate.