had unravelled
-avais démêlé
Past perfect conjugation of unravel. There are other translations for this conjugation.

unravel

With the advent of the internal and external debt crisis at the end of the 1980s, the economy had unravelled, leading to a fall in investments, loss of investor confidence and capital flight.
Toutefois, à la fin des années 80, marquées par la crise de l'endettement interne et externe, la situation économique s'était dégradée, ce qui a entraîné une baisse de l'investissement, les investisseurs ayant perdu confiance, et à une fuite des capitaux.
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