(a) High fiscal deficit was the root cause of the fallout in Greece - but could be true for other countries as well.
(b) The chain effects are as follows
`{:(" ""More borrowings"),(" "downarrow),(" ""Higher interest rates and more interest"),(" "downarrow),("Lesser amount with the government to be spent on development projects"),(" "downarrow),(" ""Low income"),(" "downarrow),(" ""Further borrowings/eventual debt-trap"):}`
(c) The remedy is to contain/limit the fiscal deficit to a manageable limit (say `3%` to `5%` G.D.P.)
The economic value highlighted here is fiscal discipline