Briefly Describe the Nature of the Recent Global Financial Crisis (GFC) http://persuasive-essay576.mystrikingly.com - Essay ExampleThe governments of almost all the nations had to come up with packages that are required to move out from such a situation. The financial crisis will shed its impacts around the globe due to globalization. The livelihood of all people at every corner will feel the heat of crisis (World Bank, 2009). Financial Crisis The collapse of the U.S. housing market regarded as the housing bubble is characterized as one of the prime reason for the situation to arrive. The collapse resulted in surge of mortgage loan defaults (World Health Organization, 2009, 2). The collapse of the real estate market and the subprime mortgage market of the U.S. had the severe effects around the globe. Uncertainties accrued in the financial systems. The creditors involved themselves in pulling out their funds and cashed out securities that were issued by the financial institutions (Jalilian, n.d., 1). These lead to failure of many institutions while others struggled to survive poorly.
