Final answer:
The 1980s crisis was likely precipitated by short-term portfolio investments in government bonds that made countries vulnerable to investor reactions to disappointing financial information.
Step-by-step explanation:
According to the passage, one problem that likely precipitated the 1980s crisis was a short-term portfolio investment in government bonds, rather than long-term investments in physical capital by firms. The passage suggests that governments were dealing with high levels of foreign financial investment which, coupled with high budget and trade deficits, created a precarious situation. This situation led to a susceptibility to the reactions of investors to disappointing financial information, which could trigger an outflow of those short-term investments, much like an avalanche is triggered by a few falling rocks.