The most significant article I've read the last couple of days comes from Graciela Kaminsky on http://ineteconomics.org/. More or less she states that the last 150 years there were about 67 bankruptcies of countries. One third of them had something in common. They happened TOGETHER! Correlating the 1990s crisis with this one is totally bogus, since the two periods are completely dissimilar.

We cannot compare the Euro crisis to the crises in the 1990s in Asia, Latin America, Russia, and Turkey. The Euro crisis erupted in the aftermath of the financial panic in the United States in 2008, with international capital markets collapsing and the world economy coming to a standstill. In contrast, the crises of the 1990s erupted in the midst of highly liquid international capital markets with a healthy financial center and a growing world economy, with vulnerabilities only present in the crisis countries. Crises triggered by a meltdown in the financial center are different, but, what are the characteristics of these crises? And how do they differ from crises erupting from just home-grown problems?



TL;DR: Greece is only the tip of the iceberg. More countries are going down the drain soon. She also has a paper called “Systemic and Idiosyncratic Sovereign Debt Crises,” - you can find it here.

Complete article: http://ineteconomics.org/ideas-papers/blog/is-it-just-a-greek-problem