According to financial analysts, the mortgage crisis in the United States has triggered a global credit crisis, leading to diminished activity in the loan market and general economy slowdown.Independent: Anatomy of a global credit crisis (August 22, 2007)
While central banks assist local financial institutions by lending funds to pay off pressing debt, and the United States government passed an Emergency Economic Stabilization Act, the overall trust in the credit market has still been significantly damaged. The effects include slowing house prices and difficulties in obtaining loans from banks.Independent: Anatomy of a global credit crisis (August 22, 2007)
Global Credit Crisis News
- Wikipedia: Financial crisis of 2007-2008
- New York Times: Financial Crises Spread in Europe (October 5, 2008)
- Independent: The global credit crisis has entered a new dimension (September 16, 2008)
- TIME Magazine: The Global Credit Crisis (July 20, 2008)
- Guardian: Global credit crisis intensifies (November 9, 2007)
- Independent: Anatomy of a global credit crisis (August 22, 2007)
- The Street: Jim Cramer discusses the crisis (Time: 2:50)
References
Fast Facts
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Affected geographical areas
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Fact:
Central banks lend money to local institutions to prevent collapseIndependent: Anatomy of a global credit crisis (August 22, 2007)
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Fact:
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Fact:
The U.S. government assigned $700 billion to bail out the nation's struggling financial institutionsIndependent: Anatomy of a global credit crisis (August 22, 2007)
