I agree the situations aren't identical, but what theory do you think best explains all the observations? Just to be clear, my answer is: Each country's proble

I agree the situations aren't identical, but what theory do you think best explains all the observations? Just to be clear, my answer is: Each country's problems are rooted in the collapse of the US housing market and the resulting financial crunch. The country-to-country variations are there and they're significant, but secondary.