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July‐December 2011

SR/GFC/11‐9
SESRIC REPORTS ON GLOBAL FINANCIAL CRISIS – 9

SESRIC REPORTS ON THE GLOBAL FINANCIAL CRISIS

European Debt Crisis and Impacts on Developing Countries

STATISTICAL ECONOMIC AND SOCIAL RESEARCH AND TRAINING CENTRE FOR ISLAMIC COUNTRIES (SESRIC)

1

SESRIC REPORTS ON GLOBAL FINANCIAL CRISIS – 9

2011‐2 Issue

EUROPEAN DEBT CRISIS AND IMPACTS ON DEVELOPING COUNTRIES July – December 2011

SESRIC Reports on Global Financial Crisis : The financial crisis which started in July 2007, when investors lost their confidence in the mortgage‐ and asset‐based securities in the United States, has deepened during 2008‐2009 with a global reach and affecting a wide range of financial and economic activities and institutions in both developed and developing countries around the world. As the crisis deepened, the governments of major developed and developing countries as well as international financial regulators attempted to take some mitigation actions and coordinate efforts to contain the crisis. Given this state of affairs, the SESRIC has been preparing short reports since May 2009 with the aim of monitoring the developments related to the current global financial crisis at the global, regional and national levels. In particular, these reports focus on the impact of the crisis on the economies of the developing countries, including the OIC Members, and highlight the actions taken by these countries to contain the negative impact of the crisis on their economies.

Introduction
The 2008‐2009 financial and economic crisis substantially impacted both the developed and developing countries. In…...

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