However, it was not a currency crisis so much as a cocktail made up of one part debt crisis, one part banking crisis and a good size shot of a balance of payments crisis. A combination of hugely overambitious growth expectations, waning competitiveness caused by generous wage settlements, and insufficient financial regulation caused sizeable imbalances to accumulate which then helped fuel the crisis.
Hence, it is the countries themselves that need to adjust if the crisis is to be resolved. And it was clear from the outset that the necessary reforms and adjustment measures require patience.