Global Financial Crisis and European Banking

Özlem Olgu
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Özlem Olgu: Koç University

Chapter 7 in European Banking, 2011, pp 173-198 from Palgrave Macmillan

Abstract: Abstract The last months of 2008 witnessed the worst global financial crisis since the Great Depression of 1929–1930. The first indications of a serious crisis appeared on 15 January 2008, with the news of a sharp drop in profits of the Citigroup, which led to a significant fall on the New York Stock Exchange.1 This was followed by a spectacular fall in share prices in all major world markets and, as a result, a number of US and EU banks declared massive losses in their 2007 end-of-year financial statements. In fact, the global financial crisis, which started in the US and expanded its area of impact by spilling over to Europe and Asia, entered a new phase when Lehman Brothers, one of the leading investment banks in the US, filed for bankruptcy protection in September 2008. The situation, which emerged as a liquidity problem in the inter-bank markets during the early stages of the crisis, gradually turned into concerns regarding the reliability of financial institutions.

Keywords: Central Bank; Euro Area; Hedge Fund; Global Financial Crisis; Credit Default Swap (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-30591-5_7

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DOI: 10.1057/9780230305915_7

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