To the brink of disaster and back
Foreign banks and creditors declined new credit applications and refused to extend existing loans. Possibility of global economy into recession.
This disastrous result was only narrowly avoided by a combination of international bail-out packages and the immediate sale of Southeast Asian commercial assets to foreign corporate investors at rock-bottom prices.
In 2008 it was America’s turn to threaten the world economy. In 2014, China. Instability is systemic.