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The European debt crisis that occurred from 2009 to 2012 had various effects on corporations and banks, especially those with connections to Europe. The crisis began with an increase in the credit risk of Greece, but this was not a main reason why the crisis deepened. Instead, concerns emerged about rising foreign exchange risk due to a potential collapse of the euro. Focus was placed on market risks, including the foreign exchange risk, so corporations became skeptical about the stability of financial institutions. Large European corporations in particular made a shift from bank loan financing to capital market financing. The corporations also started to pick and choose the financial institutions that they dealt with. In addition, because of the attention paid to counterparty risk associated with financial transactions, more and more financial transactions have been conducted with sound banks. As for financial institutions themselves, problems in the structure of their funding had major effects on loans for project finance and other types of longterm loans, which in some cases affected all the transactions between a firm and a financial institution. Such circumstances have become commonplace, and it is now necessary for major corporations and financial institutions in Europe and other parts of the world to rethink their strategies. A key in this endeavor is to explore long-term, sustainable relationships between corporations and financial institutions.