RIGA - In 2009, the world experienced unprecedented economic developments that affected literally every nation on the globe. Stock markets collapsed triggering the demise of some of the most revered financial institutions worldwide. The financial crisis, which erupted in July of 2007 with the collapse of the sub-prime market in the U.S., reached its peak in 2009. As outlined in the March 2009 report by the Council on Foreign Relations, some of the reasons leading to the near-collapse of the international capital markets included an abundance of inexpensive capital, the issuance of mortga...
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