The financial crisis of 2007–2008, also known as the global financial crisis (GFC), was a severe worldwide financial crisis. Excessive risk-taking by banks combined with a downturn in the subprime lending market in the United States culminated with the bankruptcy of Lehman Brothers on September 15, 2008 and an international banking crisis. The crisis sparked the Great Recession, a global recession, which, until the coronavirus recession, was the most severe recession since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in Greece in late 2009, and the 2008–2011 Icelandic financial crisis.

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  • The financial crisis of 2007–2008, also known as the global financial crisis (GFC), was a severe worldwide financial crisis. Excessive risk-taking by banks combined with a downturn in the subprime lending market in the United States culminated with the bankruptcy of Lehman Brothers on September 15, 2008 and an international banking crisis. The crisis sparked the Great Recession, a global recession, which, until the coronavirus recession, was the most severe recession since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in Greece in late 2009, and the 2008–2011 Icelandic financial crisis. As responses to the crisis, to avoid a further collapse, encourage lending, restore faith in the integral commercial paper markets, and provide banks with enough funds to allow customers to make withdrawals, governments were forced to provide then-unprecedented bailouts and stimulus in 2008. In July 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the United States to "promote the financial stability of the United States". The Basel III capital and liquidity standards were adopted by countries around the world. (en)
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  • The financial crisis of 2007–2008, also known as the global financial crisis (GFC), was a severe worldwide financial crisis. Excessive risk-taking by banks combined with a downturn in the subprime lending market in the United States culminated with the bankruptcy of Lehman Brothers on September 15, 2008 and an international banking crisis. The crisis sparked the Great Recession, a global recession, which, until the coronavirus recession, was the most severe recession since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in Greece in late 2009, and the 2008–2011 Icelandic financial crisis. (en)
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  • Financial crisis of 2007–2008 (en)
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