With the 10th anniversary of the Latin American debt crisis just past, some journalists and academicians are suggesting that "crisis" is too strong a word to describe the series of events that began in the summer of 1982.

They support that argument with two main points. First, they say that, in hindsight and despite dire predictions, the crisis didn't bring about the collapse of the international banking system. Second, they cite the profound economic and political transformation under way in a number of countries in the region.

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