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Risk aversion increased interest rates and quotes of assets accepted for asylum as gold. Had the US government and Federal Reserve to rescue the largest insurer AIG. The Bush administration launched the bailout of 700 billion. Dollars.
They were affected and banks in Europe, and much weaker countries had to seek help from the IMF.
At the beginning of 2009, most countries began to launch various incentives packages at the expense of widening budget deficits.
Central banks have started to pour money into the economy through measures known as quantitative easing, as well as special tools for rescue troubled financial institutions. In the United States had adopted a fiscal stimulus package worth 787 billion. Dollars, apart from that was invested 60 billion. Dollars into troubled automakers. Even less affected by the crisis, China launched measures worth 500 billion. Dollars.
In March 2009, it had reached the bottom of the stock exchanges. Then financial markets gradually normalized, but then the actual recession. Unemployment increased, governments began to tighten their belts to fight the ballooning debt and deficits.
US first reported GDP growth in the third quarter of 2009, but unemployment remained high. In early 2010, many EU countries also reported GDP growth and said the crisis. However, this recovery proved fragile, partly because of austerity measures imposed by big deficits.
In the autumn of 2010 the Federal Reserve, which pulled from the agenda the withdrawal of monetary stimulus, approved new measures to inject liquidity by EUR 600 billion. Dollars.