Date: 2021
Type: Contribution to book
The legacy of the global financial crisis : the view from Greece
Youssef CASSIS and Jean-Jacques VAN HELTEN (eds), The legacy of the global financial crisis, London : I.B. Tauris, 2021, pp. 151-164
PAPACONSTANTINOU, George (Georgios), The legacy of the global financial crisis : the view from Greece, in Youssef CASSIS and Jean-Jacques VAN HELTEN (eds), The legacy of the global financial crisis, London : I.B. Tauris, 2021, pp. 151-164
- https://hdl.handle.net/1814/73114
Retrieved from Cadmus, EUI Research Repository
When in 2007 the bubble burst and housing prices collapsed, borrowers with variable rate mortgages found themselves with negative equity, unable to refinance their loans and meet obligations. Mass foreclosures ensued, coupled with a sharp decline in the value of securities backed by housing loan portfolios held by financial institutions, followed by the collapse and takeover of Bear Sterns in March 2008, the takeover of mortgage corporations Freddie Mac and Fannie Mae, the bailout of insurance giant AIG and eventually Lehman Brothers filing for bankruptcy in September 2008. By that time, credit had seized, household spending and business investment had plunged, and the US economy had gone into a recession. International financial markets responded by tightening credit globally and the US recession spread.
Cadmus permanent link: https://hdl.handle.net/1814/73114
Full-text via DOI: 10.5040/9780755626656.ch-009
ISBN: 9780755626625
Publisher: I.B. Tauris
Files associated with this item
Files | Size | Format | View |
---|---|---|---|
There are no files associated with this item. |