Just a quick recap, in 2007, the EU and EZ were in their strongest position for decades, mainly due to the favorable economic conditions. On the onset of the global financial crisis of 2008‐2009 in the United States, the losses from sub‐prime lending had its lasting impact on the economic activity of the EU countries. The UK and the EZ financial institutions have lost significant value at an estimate of 51% and 70 percent of the total market according to Ernst and Young (2009). In addition some of the largest European banks and insurers also suffered from this crisis and lost market confidence. Then late 2009, Greece admits to serious levels of debt which weakened the knees of the global markets. To regain the market confidence in 2010 IMF and the EU swiftly try to stop the hemorrhaging by bailing out Greece, Ireland and Portugal. However, EZ fiscal trouble continued. Soon thereafter the crisis spread to Spain and Italy.
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