The world's biggest financial bailouts

The world’s biggest financial bailouts

Financial



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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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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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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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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article


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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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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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 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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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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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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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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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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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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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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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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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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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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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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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’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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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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