The global financial crisis (GFC) Refers to the time of extreme stress in global financial markets and banking systems. It was period between mid 2007 and early 2009. Downturn of US housing market was a main cause for a financial crisis. In fact, it spread from the United States to the rest of the world. Moreover, Many banks around the world incurred huge losses and relied only on government support to avoid bankruptcy. Millions of people lost their jobs. Because of the major advanced economies experienced. Their deepest recessions since the Great Depression in the 1930s. Recovery from the crisis was also much slower than past recessions that were not associated with a financial crisis. Continue to read more