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Silicon Valley Bank Fiasco Becomes Largest Failure Since 2008; Here Are 5 Financial Crisis In Past That Shook The World
The Silicon Valley Bank (SVB) crisis has hit the US and global market badly with billions of dollars have been stranded across the world. The SVB had been shutdown by US authority after the technology-startups bank's stocks plunged drastically after facing liquidity crunch. Earlier, financial crisis grabbled the world's economies, causing wipe out of billions of dollars. Here are some prominent financial crisis of the past.
The Financial Crisis Of 2007-08
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The financial crisis of 2007-08 is known as the worst financial disaster in the world, triggered by the collapse of Lehman Brothers, one of the biggest investment banks in the world. It wiped away millions of jobs and billions of dollars of income. India remained mostly unscathed from the crisis.
Dotcom Bubble
It was triggered by the rise and fall of technology stocks. Lenders poured in money to companies working related to internet. These companies were able to raise enough money to go public without a business plan, product, or track record of profits.
Asian Financial Crisis Of 1997
Thai government move in 1997 to let go of fixed exchange rate against the US dollar caused a wave of panic across Asian financial markets and led to the reversal of billions of dollars of foreign investment. Soon the effects rippled in the world markets.
OPEC Oil Crisis
The OPEC countries in retaliation to US for sending arms supplies to Israel during the Fourth Arab-Israeli war put a oil embargo. This caused major oil shortages and a severe spike in oil prices and led to an economic crisis in the US.
Great Depression Of 1929
It was known as the worst financial and economic disaster of the 20th century. It was triggered by the Wall Street crash of 1929 and lasted almost 10 years with the loss of income, output and jobs.
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