The Global Financial Crisis (GFC) was a period of financial stress that started in mid 2007 and lasted until early 2009. It was caused by a combination of factors including excessive risk-taking, increased borrowing, and policy and regulation errors. The crisis began when US house prices started to fall and a growing number of borrowers began missing loan payments. This led to large losses for lenders and investors, which in turn spread through the global financial system and resulted in many banks relying on government support to avoid bankruptcy. The crisis was characterized by falling house prices, declining employment and slow economic recovery.
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