The three countries learned the hard way that budget imbalances have serious consequences. Experience has shown that neglecting public finances results in painful external interventions.
These consequences came through the so-called "troikas," the international bailout programs that impose strict economic conditions on needy countries.
After this difficult lesson, the three countries did not repeat the same budget mistakes. The memory of the imposed austerity measures served as a deterrent.
This episode serves as an example about the importance of fiscal discipline and the consequences that imbalances in public finances can bring to a country.
