The total economy shows the net lending/borrwing of the total Euro Zone economy. In other words when the Euro Zone as a total economy is borrowing, it borrows from the rest of the world, which was the case before the crisis.
Before the crisis households en companies increased their borrowing notably. Since the crisis households and companies started do pay off their debt. Although as you were able to see in other posts this is a long process. The lower demand by the households and the companies was accommodated by an increase in government spending (higher borrowing).
OECD |
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