The Crisis Of 2008 As The Worst Financial Crisis Since The...

Economists describe the global crisis of 2008 as the worst financial crisis since the Great Depression. National banks assisted in bailouts to prevent large financial institutions from collapsing, and that was only prevented by the help of national banks, who assisted in bailouts. Although national banks stepped in, stock markets dropped all over the world. The crisis is the cause for the failure of many businesses and a loss of trillions of U.S. dollars in consumer wealth, along with decreased economic activity and the nation-wide debt crisis over in Europe. There were many countries affected by the global financial crisis, one in particular being Greece. Many people think the problems in Greece started with the financial crisis, but the country’s debt problems started long before the crisis, tracing back to the 1970s. The Greek economy was not prepared to deal with the economic downturn, because of its large gap between revenue and expenditures. Since the Greeks were under the control of the Ottoman Empire for four hundred years, they were economically isolated from European intellectual movements such as, the Renaissance, the Enlightenment, and some parts of the Industrial Revolution. As a result, the country and its economy had to catch up to the rest of Europe. The modern Greece economy began with the implementation of social and industrial legislation, protective tariffs, and creative industrial enterprises. The Greek industry was focused on food processing,Show MoreRelatedThe World Experienced A Tremendous Financial Crisis Essay1131 Words   |  5 PagesIntroduction In 2008, the world experienced a tremendous financial crisis which rooted from the U.S housing market; moreover, it is considered by many economists as one of the worst recession since the Great Depression in 1930s. After posing a huge effect on the U.S economy, the financial crisis expanded to Europe and the rest of the world. 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