The first significant break in the steady growth of the Eurocurrency market since its inception occurred in 1982. During the 70s and until 1981 the expansion rate remained fairly constant at twenty or thirty percent per annum. In 1982, however, gross debt rose by less than 10 percent according to the BIS and only a little over 10 percent by the figures collected by Morgan Guaranty Trust. For the first half of 1983 scarcely any growth is reported but both the BIS and Morgan Guaranty agree that there was a significant picking up of activity in the second half of the year (Morgan Guaranty (1984)).