Chapter 4: The Global Financial Crisis and the Euro-Area Crisis
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Ms. Julianne Ams
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Mr. Tamon Asonuma
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Mr. Wolfgang Bergthaler
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Ms. Chanda M DeLong
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Ms. Nouria El Mehdi
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Mr. Mark J Flanagan
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Mr. Sean Hagan
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Ms. Yan Liu
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Charlotte J. Lundgren
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Mr. Martin Mühleisen
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Alex Pienkowski
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Mr. Gustavo Pinto
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Mr. Eric Robert
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Abstract

1. In the aftermath of the Argentine crisis, IMF members experienced a relatively calm period. There were few IMF-supported programs (Brazil, Turkey, Uruguay) under the Exceptional Access Policy (EAP—see chapter 3), largely due to balance of payments problems in the current account, and relatively few sovereign debt restructurings (e.g., Uruguay, Dominican Republic, Grenada, and Belize). However, imbalances and vulnerabilities were growing and subsequently erupted in 2007 [58].

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