First, investors are worried by the vicious spiral of a weakening economy, tottering banks and worsening government finances.
If credit markets stay blocked, consumers and firms will enter a vicious spiral.
Runaway deflation of this sort can be much more damaging than runaway inflation, because it creates a vicious spiral that is hard to escape.
This will lead to a vicious spiral that governments must avoid.
It becomes a most vicious spiral.
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The gap between the interest rate paid by Italy and by Germany to borrow for 10 years is approaching an astonishing 4.5 percentage points - which, with Italian government debt equivalent to more than 120% of GDP, means Italy could find itself in a vicious spiral of debt-induced economic contraction.
Our playing staff would have to be cut and we might end up on a vicious downward spiral.
The country is on the brink of a vicious deflationary spiral, with falling prices swelling companies' real debts and keeping real interest rates high.
Faced with such a precarious existence, and without basic infrastructure or security, it is easy to imagine an area trapped in a vicious downward spiral, barely attractive for habitation let alone migration.
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And you start getting into a vicious, downward spiral.
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Fuel importers, such as Egypt, face a vicious, bankrupting, spiral of higher oil prices and ever bigger subsidies.
Indonesia faces, in a particularly vicious form, a downward spiral seen in Thailand and, to a lesser extent, Malaysia.
This is probably a good thing as the vicious circle of stated inflation driving an inflationary spiral is often the reason for inflation itself, yet below the headlines inflation is just a process of too much money in the system.
Nobody is yet suggesting America is suffering from deflation, which can trigger a downward spiral of falling prices, shrinking demand and financial distress: a vicious circle America last experienced in the 1930s depression.
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