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... a bubble could have formed in a business sector, a current account balance ended up deteriorating, or the country or major firms were unable to control the amount of money in circulation anymore… However, the current European economic crisis happened entirely out of the blue.


Hong Ju-Hwan was giddy. Korea had overcome the IMF crisis, escaped the recession and finally swung back to positive growth. However, he was bewildered by the sudden economic crisis in Europe as Korea was slowly ...

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