What is the difference between the crisis of 2011 and the one in 2008?

DAVOS/SWITZERLAND, 25JAN07 - Christine Lagarde...

Image via Wikipedia

We have another crisis looming here in 2011. The Greek economy is on the verge of collapse and many of the countries in southern Europe are in deep structural difficulties and we just do not have the options available that we had in 2008. But there are some key characteristics, which might help us pull through.

One might be that a lot of the stronger economies have pulled their resources and have made huge budget cuts. Here explained by Christine Lagarde director of the IMF.

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