record high of 16.37 million, according to Eurostat, the European Commission's statistics office. Economic sentiment, a measure which includes consumer and business confidence, fell 0.9 percent, and retail sales in the eurozone plunged 0.8 percent in November, according to the European Commission. "Today's batch of Eurozone data has recession written all over it," ING economist Martin van Vliet wrote in a note to clients. "The escalating debt crisis, fears of a new recession and fiscal austerity measures
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E SSAY COLLECT ION Crisis in the Eurozone Transatlantic Perspectives ESSAY COLLECTION Crisis in the Eurozone Transatlantic Perspectives This publication is a part of CFR’s International Institutions and Global Governance (IIGG) program and has been made possible by the generous support of the Robina Foundation. The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher dedicated to being a resource for its members, government
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The Great Recession: The Financial Crisis of 2008 Table of Contents: I. Introduction......................................3 II. Cause & Effect of the Housing Bubble..............3 III. Financial Industry................................5 IV. Global Contagion..................................6 a. European Sovereign Debt Crisis of 2007-2008.....7 V. LIBOR.............................................8 b. LIBOR & the Crisis in Lending...................8
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according to the data given by International Monetary Fund in 2008. But amidst this suddenly you could see news flashing everywhere about the Greece being declared bankrupt & its efforts to cope up with this problem. Now you wonder what is this crisis all about? In other words we can say that Greece had continuously borrowed funds from other countries exceeding its repaying capacity. In the beginning of 2010, it was discovered that since 2001 Greece had paid Goldman Sachs & other banks hundreds
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The International Monetary Fund (IMF) was originally established in order to encourage international co-operation to cope with recession and protectionism on a world scale and to discourage individual countries from pursuing policies that would beggar their neighbors and eventually themselves. The desire to improve on the international chaos of the 1930s led to the Bretton Woods Conference in 1944, and an attempt to devise a financial system which would provide a more permanent and acceptable framework
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FINANCIAL CRISIS IN GREECE Enter the economy of euro zone member, Greece. Once considered as a financially stable country, Greece is now on the edge of having a financial default. With a debt total amounting to an estimated $420 billion, experts say that this debt would have been bigger that the country’s economy itself and this debt is predicted to increase as time goes by because Greece spends 12% more than it gets revenues. So what’s exactly went wrong with Greece and how did they get themselves
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1. Introduction to the financial crisis 2 2. Conditions leading up to the Irish and Icelandic economic crisis 3 2.1 The business cycle 3 2.2 The era of the Irish ‘Celtic Tiger’ 4 2.3 The ‘Financial Vikings’ of Iceland 5 3. Financial crisis response 6 3.1 Government response to the financial crisis 6 3.2 The default decision 10 4. Economic outlook and long-term repercussions 14 5. Conclusion 18 1. Introduction to the financial crisis The Great Recession began in 2007
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touched sky-high and so is the real estate price. The Fed continued slashing interest rates to an extent of 1%, the lowest in 50 years. Subprime mortgages were the new gold-mine on the street. The restless Investment bankers created collateralized debt obligations (CDOs), the securitization of the mortgages. These asset backed securities soon found their presence in all kinds of funds. Though risky, these were labeled as AAA /A+ by credit rating agencies such as Moody’s and Standard and Poor’s.
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Sample Article: The Financial Crisis in Spain Summary Unemployment in Spain has reached 17.4 percent, according to figures released April 24 by the National Statistics Institute. Even without the global recession, Spain's economy likely would be going through a rough patch now due to the country's overheated housing market; with the recession, it is also suffering from a banking crisis and an industrial slump. Analysis Spain's unemployment rate rose from 13.9 percent in the fourth quarter of
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having a financial default. With a debt total amounting to an estimated $420 billion, experts say that this debt would have been bigger that the country’s economy itself and this debt is predicted to increase as time goes by because Greece spends 12% more than it gets revenues. So what’s exactly went wrong with Greece and how did they get themselves in deep trouble? One main cause for this is the country going on an uncontrolled spending binge which relies on debt to be sustained. One prestigious
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