In 2009, a newly elected government in Greece revealed the falsification of its national budget data, and that its fiscal deficit for the year was 12.7% of GDP as opposed to the 3.7% espoused by the previous administration. This news alerted markets to the fact that Greece's deficit exceeded the eurozone's maximum of 3% outlined in the Economic and Monetary Union's Stability and Growth Pact. Investors concerned about a possible sovereign default rapidly sold Greek bonds. Given Greece's prior decision to embrace the euro as its currency, it no longer held monetary policy autonomy and could not intervene to depreciate a national currency to absorb the shock and boost competitiveness, as was the traditional solution to sudden capital flight. The crisis proved contagious when it spread to Portugal, Italy, and Spain (together with Greece these are collectively referred to as the PIGS). Ratings agencies downgraded these countries' debt instruments in 2010 which further increased the costliness of refinancing or repaying their national debts. The crisis continued to spread and soon grew into a European sovereign debt crisis which threatened economic recovery in the wake of the Great Recession. In tandem with the IMF, the European Union members assembled a €750 billion bailout for Greece and other afflicted nations. Additionally, the ECB pledged to purchase bonds from troubled eurozone nations in an effort to mitigate the risk of a banking system panic. The crisis is recognized by economists as highlighting the depth of financial integration in Europe, contrasted with the lack of fiscal integration and political unification necessary to prevent or decisively respond to crises. During the initial waves of the crisis, the public speculated that the turmoil could result in a disintegration of the eurozone and an abandonment of the euro. German Federal Minister of Finance Wolfgang Schäuble called for the expulsion of offending countries from the eurozone. Now commonly referred to as the Eurozone crisis, it has been ongoing since 2009 and most recently began encompassing the 2012–13 Cypriot financial crisis.