| Abstract: | The global financial crisis of 2007–08 resulted from massive institutional failure and proved that a robust regulatory and supervisory frameworks are necessary. Such frameworks are not yet in place. This paper recounts the legacy of the financial crisis in the sovereign debt crisis in Greece as of September 2011. It then turns to comparing the current situation to those of Latin America, and especially Mexico, in the 1980s. It describes what was done to recover in Latin America and what lessons can and cannot be learned from those experiences in acting to assist the countries of the European Union threatened with sovereign debt default. |
