Problem: Why do investors lend to countries in the first place? Who is to blame for defaults during external debts crises? When answering this question, give evidence from two crises of your choices to support your main thesis. What is the difference between illiquidity and insolvency? Select three crises of your choice and present evidence as to why you think these countries were either illiquid or insolvent. Illiquidity versus insolvency, which one is worse in each of these crises? Explain. Are domestic debts defaults as detrimental as external debts defaults? Be sure to cite evidence that can support your case.