The issue of public debt sustainability, directly or indirectly related to the sovereign risk, has becomean
extremely important debate topic at the global level, both in the economic literature and in the international
financial institutions or national authorities. The radical solutions to strengthen public finances consist either in
imposing budgetary restrictions (fiscal austerity), or increasing public expenditures in view of reinvigorating
economic growth (fiscal stimulation), or the forced directing of the funds to the state budget, mainly by maintaining
reference interest rates at low levels (“financial repression”) (Reinhart and Sbrancia, 2011)