Very much so, and I think that didn't happen in the 2008-09 crisis because the government at that time had a lot of capacity to borrow. As we were watching that crisis unfold, we were aware that there were instances, particularly in Britain—and there was some hesitation even in the U.S.—where the bond market appeared to be balking at financing government debt.
It could happen that in the middle of a recession, just when the government needs to borrow the most, the bond markets could stand back and say, “Whoa, we're not giving you any more money.” At that point, governments are going to be in a very difficult situation, as Greece found itself in 2015.