Some 25-26% of GDP was needed to bail out failing Irish banks and force banking sector consolidation. This was the largest banking bailout for any country in history, in comparison only 7–8% of GDP was needed to bail out failing Finnish banks in its banking crisis in the 1990s. This resulted in a major financial and political crisis as Ireland entered a recession.[36] Emigration rose to 1989 levels as the unemployment rate rose from 4.2% in 2007 to reach 14.6% as of February 2012.[37]