That loss of confidence stretched the currency board to the limit, and precipitated a dramatic recession: GDP shrank by 2.8% in 1995.
Global climate change over the past century has resulted in the dramatic recession of glaciers throughout the world, particularly in the subtropical Andean ranges of South America.
Obama also appointed a stellar group of science advisors and invested in scientific infrastructure and scientific research as part of his economic stimulus package following the dramatic recession of 2007.
Speculative, get-rich-quick deals involving real-estate developers, local politicians and savings banks helped push Spain into its dramatic double-dip recession in 2008.
But by last year the numbers had dropped to 8 million and – for a country that gains three quarters of its income from visitors who come to shop, ski or do both – that has brought a dramatic fall into recession.
"All this would imply deep recession, a dramatic decline in income levels, an exponential rise in unemployment and a collapse of all that the Greek economy has achieved over the years of its EU, and especially its euro area, membership," it said.
As in the US, where there are still fears of Japanese-style deflation, the recovery so far has owed much to the combination of the previous economic stimulus and the rebuilding of stocks that usually occurs after the dramatic impact of a recession.
Schneider also said "it is very difficult to predict future losses," but that "new dynamics," including "dramatic liquidity tightening, national recession concerns, changes in emerging consumer behavior, and the full impact of government initiatives" are in play.
Despite this decline and dramatic effects of the recession, the original Sin City hasn't given up its taste for margaritas by the yard and $1.99 prime rib.
Despite this decline and dramatic effects of the recession, the original Sin City hasn't given up its taste for margaritas and $1.99 prime rib.
On Wednesday, Greece's own central bank warned that the country would face a deep recession and dramatic decline in income levels if it failed to reach an agreement with creditors, a course it said would lead ultimately "to the country's exit from the euro area and — most likely — from the European Union".
