Whenever global markets fluctuate, many countries’ economies struggle to keep up–as was the case following the 2008 financial crisis. Click through this gallery to discover the world’s biggest financial bailouts ever.
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USA
At the epicenter of the 2008 financial crisis was the collapse of the Lehman Brothers bank, which filed for bankruptcy on September 15, 2008, leaving a debt of more than US$600 billion behind.
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USA
Then-president George W. Bush was forced to pass the Emergency Economic Stabilization Act of 2008, which authorized the United States Secretary of the Treasury to spend up to US$700 billion to save banks and the economy.
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Greece
Greece was at the center of the biggest financial bailout in global history, which totaled more than €260 billion. The government was forced to introduce unpopular austerity measures following the 2008 financial crisis.
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Greece
Eurozone states and the International Monetary Fund (IMF) came together to provide a first injection of €20 billion in 2010. Even though the Greek economy is slowly picking up, the nation will be paying loans off for years to come.
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Argentina
The South American country has been engulfed in a severe crisis due to a drop in the Argentinian peso and increased twin deficits.
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Argentina
Then-President Mauricio Macri’s government had to reach out for assistance from the IMF, which agreed to provide a loan of US$50 billion as part of a three-year bailout program.
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Portugal
Portugal was one of the European nations that was hit the hardest after the 2008 global economic crisis, which prompted extreme austerity measures and a plunge in employment rates.
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Portugal
After failing to keep the budget deficit under control, the country was given €78 billion in bailout loans in 2011. Several years down the line, the country finally experienced a financial revival and a saw booming tourism industry develop.
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Spain
After the housing bubble burst, Spain’s economy was also on the brink of collapse. The European bailout fund had to lend the Spanish banks around €41 billion.
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Spain
There was a point in 2013 when the unemployment rate in the country was as high as 26%. In 2014, Spain successfully exited the bailout program.
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Ireland
Ireland was the first Eurozone country to go down following the 2008 crisis. After the property market crashed, the country received an international injection of €67 billion.
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Ireland
However, the Irish economy also rose the fastest and in 2014 it was already showing signs of annual growth. This was in part due to the fact that it became a magnet for tech companies from around the world.
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Thailand
The Asian financial crisis, which started in July 1997, swept much of the continent’s economy and threatened to engulf the rest of the globe.
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Thailand
After the crash of the Thai baht, the IMF put together a rescue package worth over US$17 billion at first, and then gave the country a second loan of US$3.9 billion.
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Mexico
Known as the Mexican peso crisis, the financial crash in the country happened after the peso suffered a sudden devaluation in December 1994.
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Mexico
The loans, totaling almost US$50 billion, helped bring the economy back up following years of increased spending, hyperinflation, and low oil prices.
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Cyprus
In 2013, Cyprus followed other nations’ footsteps by requesting an international bailout of around €10 billion. Before that, in 2012, the country had already been relying on a €2.5 billion loan from Russia.
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Cyprus
The 2013 rescue package was given in exchange for the country agreeing to close its second-largest bank, the Cyprus Popular Bank.
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Russia
The 1997 Asian financial crisis, followed by a decrease in oil demand, ended up taking a toll on the Russian economy.
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Russia
After the government devalued the ruble and inflation rose drastically, a US$22.6 billion loan from the IMF and World Bank was approved in July 1998.
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South Korea
Also affected by the Asian economy crisis, South Korea was forced to turn to the IMF, the World Bank, the US, and a few other world nations for an injection of funds.
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South Korea
After it received a loan package worth US$55 billion (the largest international rescue at the time), the country was forced to endure strict measures, such as higher interest rates.
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Indonesia
Indonesia’s economy was also rocked by the late 1990s crisis, following a steady drop in the rupiah’s value and inflation levels of up to 80%.
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Indonesia
The Asian nation ended up receiving one of the IMF’s biggest rescue loans, which was worth around US$43 billion at the time. Two decades later, the country’s stock market was one of the best performers in the continent.
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Brazil
Brazil has been financially rescued a few times, with the first injection taking place in 1998 after Latin American markets trembled due to the Asian economic crisis.
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