1. The Global Financial Crisis (“GFC”) refers tothe financial market disruptions andsubsequent recession which started in 2008in most countries2. Although the GFC is often considered to havestarted with the collapse of Lehman Brothersin September 2008, many earlier signs offinancial markets turmoil can be noted2.1 Liquidity crisis at Northern Rock (in theUK) in the summer of 20072.2 Freezing of the Canadian asset-backetcommercial paper market in August 20072.3 Subprime mortgage crisis in the US at theend of 2007.
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