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The author outlines a sequence of events that sounds eerily similar to the cause of the housing crisis in the US such as lowering the standards for mortgage approval (ie: accepting higher risk mortgages) and lengthening mortgage terms. Lots of data is presented to back up the hypothesis.
While I believe we might see some bad effects from this I don’t believe it would be anywhere as bad as the US. They seemed to have much more exposure to these high risk mortgages.