Professor Annie Koh, Academic Director, International Trading Institute, warns that if Greece is allowed to default on its debt payment, other bailout nations in Europe might be tempted to follow suit. Asian countries, on the other hand, have learnt their lesson during the 1997 -1998 Asian financial crisis that they cannot afford to spend what they do not have because there is no guarantee that other countries would lend them money, and even when they do manage to get a loan, it would come with many caveats attached to the loan.
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