1. In Belgium's case, the reasons are more readily apparent. A nation sewn largely from a patchwork of three peoples, the Flemish, Walloons, and Germans, its football team nevertheless features several stars of African descent. Currently, Belgians of Moroccan descent -- including midfielder Marouane Fellaini and winger Nacer Chadli -- make up the biggest non-European group; for many Moroccans, French is a second language. Like France with its North African and Caribbean contingents and Germany with its Turks, Belgium's national team has benefited from multiple populations: one from Western Europe, one from Africa, and one from Eastern Europe.
西西软件园 But then the story took a strange turn. Koudijs and Voth found that Dutch lenders reacted to the Seppenwolde collapse in strikingly different ways. Those who had made loans to Seppenwolde but hadn’t actually lost money became far more pessimistic and demanded much bigger haircuts from all new borrowers. But those who had dodged the bullet by not lending to Seppenwolde didn’t tighten their requirements at all. In fact, those lenders slightly reduced haircuts to their borrowers – a sign they were at least as sanguine as before.