Debt crisis or currency crisis
Memo to self. Debt crisis in the 80s was long. It took a decade to solve it. Currency crisis in the 90s was relatively short. It took a few years to settle. I just wonder if Euro crisis is debt crisis or currency crisis. Or, is it a relevant question?
I don't know for sure. It's a speculation. But, in the case of 80s, the region-wide crisis seemed to have done much harm on one front: export. In general, international trade takes place more between neighbor countries. The closer you get, the more you trade. When the crisis hits not one country but the entire region, they cannot escape the crisis through exports because the country next door is in trouble, too.
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