The vulnerability and financial pressure of financial systems is a critical subject in light of the economic crisis we are currently facing. This paper defines financial pressure of local governments as the extreme situation characterized by financial imbalances, increasing current expenditure,...

The frequency of financial crises over recent decades makes an in-depth study of the phenomenon imperative. This should involve particular attention to those points the different crises have in common, so as to draw lessons that can be used by financial authorities, regulators and the actual...