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Financial crises have existed at all times. Let us just think back
to the biggest crisis ever in the year 1929, the Great Depression.
The current financial crisis began as a real estate crisis in the
United States of America in summer of 2007. About one year later,
the crisis had spread over the whole world. This crisis is said to
be the biggest since the Great Depression in 1929. Due to
globalization and the interconnectedness of markets, soon the whole
world got negatively affected by the current financial crisis.
Among others, Chile and Austria had to register sharp economic
slowdowns. The objective of the author is it to define which
country will be more affected of the current crisis: Chile, the
emerging economy that was said to be very well prepared to face the
crisis; or Austria, the rich and well-developed, European economy?
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