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Essay / Research Paper Abstract
This 7-page paper discusses the impact of the global economic crisis on Romania. Bibliography lists 5 sources.
Page Count:
7 pages (~225 words per page)
File: AS43_MTromaecon.rtf
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Unformatted sample text from the term paper:
United States in the summer of 2007; and to see how the collapse of Lehman Brothers sent shock waves throughout the world. The former started problems because many of the
subprime mortgages were securitized, with many international banks (including the banks of Romania) having bought these mortgage-backed securities. But when these assets dropped in value, it plunged the world into
a global meltdown. Central banks struggled to figured out how to stem the tide, and how to get the "toxic assets" off the books of many ailing banks and to
loosen credit once again. Especially hard-hit was the Eastern European bloc, including Bulgaria, Hungary and Romania. Romania, especially, took a hit during
the economy downturn. Just a year before the crisis, the country had everything going for it. It had joined the European Union and was benefitting from membership with that bloc.
It was considered a hot spot for foreign investment and as money poured into the country, construction boomed. But the good times
lasted for only a few months; rumblings were felt as early as late 2007, and by the time Lehman Brothers collapsed, the Romanian economy was struggling as panicked investors pulled
their funds out of that country. In this paper well examine what the impact of the financial crisis was on this Eastern European
country and also determine what is likely to happen in the near term. The Financial Crisis and Romania Prior to the global
financial crisis, Romania was a booming country. Like much of Eastern Europe, Romania had experienced years of record economic growth, thanks to easy credit and heavy foreign investment (Whitlock, 2008).
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