EURO 1050 Lecture Notes - Lecture 1: 2004 Summer Olympics, Anglo Irish Bank, Celtic Tiger

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As of 2008, the imf (international monetary fund) a global gdp of 3% or less can be interpreted as a global recession. In 2009, the imf took a more qualitative approach: decline in per capita gdp, combined with a decline in 7 indicators: capital flows, industrial production, oil consumption, per- capita consumption, per capita investment, trade, unemployment rate. Also known as the great recession possibly the worst of the four post second world war periods (1975,1982,1991,2009) Origins: a 2007 (bnp) liquidity crisis (roughly defined here as a heightened difficulty in converting intangible currency into a tangible asset, ex cash) The bursting of the us housing bubble (2006-2007) not that much of a surprise really. Officially, the recession lasted from december 2007 to june 2009 but it had far reaching consequences. Early 2009: 10 european banks asked for a bailout creation of the troika. International monetary fund possibility of sovereign debt crisis. Securitization ( pooling of various debts organized chaos)

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