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dc.contributor.authorPAPACONSTANTINOU, George (Georgios)
dc.identifier.citationYoussef CASSIS and Jean-Jacques VAN HELTEN (eds), The legacy of the global financial crisis, London : I.B. Tauris, 2021, pp. 151-164en
dc.description.abstractWhen 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.
dc.publisherI.B. Taurisen
dc.titleThe legacy of the global financial crisis : the view from Greeceen
dc.typeContribution to booken

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