GLOBAL CRISIS
This article is about the details of the severe credit, banking, currency, and trade crisis which emerged in September 2008. For background financial market events dating from July 2007 chronicling the credit crisis which resulted from the subprime mortgage crisis, see financial crisis of 2007–2008. For an overview of all economic problems during the late 2000s, see Late 2000s recession.
Color scheme: Countries in recession as of December 2008 Severely affected countries
The Global Financial Crisis of 2008, aka the Stock Market Crash of 2008, is a major financial crisis, the worst of its kind since the Great Depression,[1] which is ongoing as of December 2008. It became prominently visible in September 2008 with the failure, merger or conservatorship of several large United States-based financial firms. The underlying causes leading to the crisis had been reported in business journals for many months before September, with commentary about the financial stability of leading U.S. and European investment banks, insurance firms and mortgage banks consequent to the subprime mortgage crisis.[2][1][3][4]
Beginning with failures of large financial institutions in the United States, it rapidly evolved into a global crisis resulting in a number of European bank failures and declines in various stock indexes, and large reductions in the market value of equities (stock)[5] and commodities worldwide.[2] The crisis has led to a liquidity problem and the de-leveraging of financial institutions especially in the United States and Europe, which further accelerated the liquidity crisis. World political leaders and national ministers of finance and central bank directors have coordinated their efforts to reduce fears but the crisis is ongoing and continues to change, evolving at the close of October into a currency crisis with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund.[6][7] The crisis was triggered by the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.
Color scheme: Countries in recession as of December 2008 Severely affected countries
The Global Financial Crisis of 2008, aka the Stock Market Crash of 2008, is a major financial crisis, the worst of its kind since the Great Depression,[1] which is ongoing as of December 2008. It became prominently visible in September 2008 with the failure, merger or conservatorship of several large United States-based financial firms. The underlying causes leading to the crisis had been reported in business journals for many months before September, with commentary about the financial stability of leading U.S. and European investment banks, insurance firms and mortgage banks consequent to the subprime mortgage crisis.[2][1][3][4]
Beginning with failures of large financial institutions in the United States, it rapidly evolved into a global crisis resulting in a number of European bank failures and declines in various stock indexes, and large reductions in the market value of equities (stock)[5] and commodities worldwide.[2] The crisis has led to a liquidity problem and the de-leveraging of financial institutions especially in the United States and Europe, which further accelerated the liquidity crisis. World political leaders and national ministers of finance and central bank directors have coordinated their efforts to reduce fears but the crisis is ongoing and continues to change, evolving at the close of October into a currency crisis with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund.[6][7] The crisis was triggered by the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.
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