Global crisis 2008

Introduction
The global financial crisis was a period of high stress in global financial markets and banking
institutions that lasted from late 2007 to early 2009. The global financial crisis has been one
of the most significant economic shocks. The crisis began in credit markets of the developed
countries, primarily in the United States, the United Kingdom, and Europe, but the
repercussions has had a significant impact on activity in every country and area. As the crisis
worsened, there was a significant shift in global financial markets' appetite for risk and
capacity to accept risk. As a result, the favourable lending conditions that had existed for
several years gives rise to a scenario of restrictive credit and, in some cases, dysfunctional
markets. This was accompanied by a decline in consumer and business confidence, with
serious consequences for global activity.