These countries have been given shelter from the markets, but there is no evidence they can escape the debt trap they are in.

BBC: Smoke and mirrors and the euro crisis

However unpopular it may prove to be, an austerity package is needed to prevent Greece from falling into this debt trap (see article).

ECONOMIST: Buttonwood

Greece has been given a chance to escape its debt trap but long years of austerity lie ahead and its economy is still shrinking.

BBC: Europe's 'big bazooka'

Irving Fisher, an economist who worked in the first half of the 20th century, called this the debt deflation trap.

ECONOMIST: Repent at leisure

Goodyear drove itself into a similar trap in the 1980s, when it loaded up with debt and plunged into foolish diversification schemes instead of concentrating on the business it knew best, tires.

FORBES: Apple's Foes Should Remember: Levering Up Kodak Was A Good Idea, Too