High CDS rates indicate lower investor confidence in the government's ability to re-pay debt and, therefore, higher government borrowing costs. The data also show that countries were affected differently in terms of intensity/magnitude of the shock. Among affected countries, the total cumulative slump in real GDP per capita from peak to trough (2009) ranged from around 2-3% in countries such as the Netherlands, Portugal or Switzerland to an impressive 18% in Estonia and Latvia. Countries were also affected differently in terms of duration of the crisis.