Crashed by Adam Tooze is really good reading on this topic:

https://adamtooze.com/crashed/

https://www.amazon.com/Crashed-Decade-Financial-Crises-Chang...

you are mostly right, there is a great book on this theme called "Crashed"

"https://www.amazon.com/Crashed-Decade-Financial-Crises-Chang...

i't was the same story in most of the east europe. west banks where overexposed in the east europe, they pumped the "rising" markets in the east, and once the money stooped coming everything stopped. and now the west banks lobbied to give those local branches more modey so that they where not so exposed any more.

im in the middle of the book Crashed, that pretty good explains exactly this in the events of 2008 crash

https://www.amazon.com/Crashed-Decade-Financial-Crises-Chang...