Global financial crisis or the financial crisis of 2007–2008 is the economic crisis which can be called the strongest one since the times of the Great Depression. The active phase of the global economic crisis was in the middle of November, 2008 and then there was the reduction of the negative economic processes. The crisis was first noticed in September, 2008 when several US financial firms bankrupted or merged with other firms in order to avoid conservation or bankruptcy. Of course, the crisis was not a sudden one, because the whole year of 2007 was associated with the gradual fall of production and the reduction of the stability of the prominent American and European financial institutions. The crisis started with the bankruptcy of the big financial institutions of the USA which caused bankruptcy of several biggest banks in Europe. After that the crisis had the global influence causing harm to the economy of every country in the world reducing the cost of stocks, goods and services.
The effect of the crisis is the global recession of 2008-2009 which is associated with the radical reduction of business, increase of unemployment and reduction of the state income. The majority of the most influential and respected financial institutions, banks, insurance and investment companies of the world announced their bankruptcy or were close to this action.
Many countries decided to borrow money from The International Monetary Fund in order to save their economies. The global financial crisis has shown the weak condition of modern economy and its interconnection with the economies of the whole world. If there is a problem in one country, it will cause harm to the neighbouring countries because of the process of globalization.
Global financial crisis is the economic crisis which occurred in 2007-2008 and has influenced the condition of the world’s economy dramatically.
When one has decided to observe the problem about global financial crisis in detail, he should pay attention to the peculiarities of the issue, collect information about the cause of the crisis and its effect on the international economy. The student should evaluate the influence and seriousness of the crisis in different countries and demonstrate how they managed to defeat it.
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