المعرفة

الأزمة المالية 2007-2010

(تم التحويل من الأزمة المالية العالمية)
هذا المقال هو عن سلسلة أحداث السوق المالية، بدءاً من يوليو 2007، التي أنذرت بوجود ضعف في الاقتصادات العالمية. للقراءة في القضايا الاقتصادية، خلف الأزمة المالية 2008-2009، التي تتعدى السوق المالية، طالع الأزمة الإقتصادية 2008-2009. وللتفاصيل عن انهيار أسواق الأوراق المالية وإنقاذ البنوك في أواخر 2008، طالع الأزمة المالية العالمية 2008.

الإنهيار المالي 2007 - 2008, بصفة عامة في بريطانيا يشار إليه بمصطلح سحق الإقتصاد ، وفي الولايات المتحدة يعرف بأزمة الإقتصاد, بدأ يعرف في 9 أغسطس 2007, عندما بدأ المستمثرون يفقدون الثقة في قيمة الأسهم العقارية فنتج عن ذلك أزمة في السيولة والتي دفعت إلى حقن ضخم لرؤوس الأموال إلى الأسواق المالية عن طريق نظام الإحتياط الفدرالي والبنك المركزي الاوربي. [1][2]

أسعار الفائدة الأساسية في الدول المختارة

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خلفية تاريخية

عند البحث عن أصل أزمة السيولة ، نجد أنها نتيجة عن أزمة سوق الرهن العقاري. وقد كان بنك نورذرن روك هو أول ضحايا تلك الأزمة.[3] أدت عدم قدرة البنك على إقراض أموال إضافية , وكذلك القدرة على سداد إلتزاماته, إلى bank run في منتصف سبتمبر 2007.

طبيعة البنك المسيطرة على أعماله, الغير مدعمة بسيولة نقدية جديدة, أدت إلى ظهور الكثير من المشاكل التي عانى منك قبل غيره من المصارف والمؤسسات المالية.

Excessive lending under loosened underwriting standards, which was a hallmark of the United States housing bubble, resulted in a very large number of subprime mortgages. These high risk loans had been perceived to be mitigated by securitization. Rather than mitigating the risk, however, this strategy appears to have had the effect of broadcasting and amplifying it in a domino effect. The damage from these failing securitization schemes eventually cut across a large swath of the housing market and the housing business and led to the subprime mortgage crisis. The accelerating rate of foreclosure caused an ever greater number of homes to be dumped onto the market. This glut of homes decreased the value of other surrounding homes which themselves became subject to foreclosure or abandonment. The resulting spiral underlay a developing financial crisis.

Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and Countrywide Financial. Financial institutions which had engaged in the securitization of mortgages such as بير ستيرنز then fell prey. On July 11, 2008, the largest mortgage lender in the US collapsed. إندي ماك Bank's assets were seized by federal regulators after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would attempt to save mortgage lenders فاني ماي and فردي ماك. The crisis further accelerated in late summer following the placement of فاني ماي وفردي ماك into federal conservatorship on September 7, 2008.

It then began to affect the general availability of credit to non-housing related businesses and to larger financial institutions not directly connected with mortgage lending. At the heart of many of these institution's portfolios were investments whose assets had been derived from bundled home mortgages. Exposure to these mortgage-backed securities, or to the credit derivatives used to insure them against failure, threatened an increasing number of firms such as Lehman Brothers, AIG, Merrill Lynch, and HBOS.[4][5][5][6] Other firms that came under pressure included Washington Mutual, the largest savings and loan in the United States, and the remaining large investment firms, Morgan Stanley and Goldman Sachs.[7][8]


إجراءت نظام الإحتياط الفدرالي لخفض أسعار الفائدة وحفز الإقتصاد

معدلات تغير نظام الإحتياط الفدرالي (آخر سنة فقط)
التاريخ سعر الخصم سعر الخصم سعر الخصم Fed funds Fed funds rate
أولي ثانوي
معدل التغيير سعر الفائدة الجديد سعر الفائدة الجديد معدل التغيير شعر الفائدة الجديد
30 أبريل ,2008 -.25% 2.25% 2.75% -.25% 2.00%
18 مارس, 2008 -.75% 2.50% 3.00% -.75% 2.25%
16 مارس, 2008 -.25% 3.25% 3.75%
30 يناير, 2008 -.50% 3.50% 4.00% -.50% 3.00%
22 يناير, 2008 -.75% 4.00% 4.50% -.75% 3.50%

لمزيد من التفاصيل انظر رسم بياني لمعدل التخفيض للحكومة الفيدرالية الأمريكية: [1]

أسبوع 14 سبتمبر, 2008

الأزمات المالية للشركات الكبرى

يوم الأحد, 14 سبتمبر , أعلن أن شركة ليمان براذرز في سبيلها إلى الإفلاس بعد إمتناع بنك الاحتياط الفيدرالي عن تقديم التسهيل الإئتماني لها. في اليوم نفسه,تم الإعلان عن بيع ميرل لينش إلى بنك أمريكا.[5] وعرف بداية الأسبوع بأنه أسبوع عدم الإستقرار الشديد لسوق الأوراق المالية, مع إنخفاض شديد في قيم السوق يوم الإثنين, 15 سبتمبر , ويوم الأربعاء 17 سبتمبر. وفي 16 سبتمبر, عانت المؤمـّن الكبير, المجموعة الدولية الأمريكية, والمشاركة الكبيرة في أسواق مبادلة الإئتمان, من مشاكل في السيولة عقب إنخفاض معدلاتها الإئتمانية. وتحت طلب المجموعة الدولية الأمريكية وتقديمها ما يثبت أنه لا يمكن العثور على مقرضين لإنقاذها من حالة التعسر المالي التي تمر بها, قدم نظام الإحتياط الفدرالي تسهيلات إئتمانية تصل لأكثر من 85 بليون دولار أمريكي في مقابل 97% لصالح رأس المال, وكذلك الحق في تعليق الأسهم المشتركة المصدرة مسبقا والأوراق المالية المفضلة.[9]

التأمين على صناديق سوق المال; حظر المبيعات قصيرة المدى

On September 16, the Reserve Primary Fund, a large money market mutual fund, lowered its share price below $1 because of exposure to Lehman debt securities. This resulted in demands from investors to return their funds as the financial crisis mounted.[10] By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.[11] On September 19 the U.S. Treasury offered temporary insurance (akin to FDIC insurance of bank accounts) to money market funds.[12] Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.[13] Similar measures were taken by authorities in other countries.[14] Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the Securities Exchange Commission[15][16]

برنامج إغاثة الأصول المتعثرة

المقالة الرئيسية: برنامج إغاثة الأصول المتعثرة (2008)

On September 19, 2008, a plan intended to ameliorate the difficulties caused by the subprime mortgage crisis was proposed by the Secreatry of the Treasury, Henry Paulson. He proposed a Troubled Asset Relief Program (later incorporated into the Emergency Economic Stabilization Act of 2008) which would permit for the United States government to purchase illiquid assets (also termed toxic assets) from financial institutions.[17][18] The value of the securities is extremely difficult to determine.[19]

Consultations of between the Secretary of the Treasury, the Chairman of the Federal Reserve, and the Chairman of the U.S. Securities and Exchange Commission, Congressional leaders and the رئيس الولايات المتحدة moved forward plans to advance a comprehensive solution to the problems created by illiquid mortgage-backed securities. At the close of the week the Secretary of the Treasury and President Bush announced a proposal for the federal government to buy up to US$700 billion of illiquid mortgage backed securities with the intent to increase the liquidity of the secondary mortgage markets and reduce potential losses encountered by financial institutions owning the securities. The draft proposal of the plan was received favorably by investors in the stock market. Details of the bailout remained to be acted upon by Congress.[20][21][22][23]

أسبوع 21 سبتمبر, 2008

يوم الأحد 21 سبتمبر, تحول إثنان من البنوك الإستثمارية الباقية, گولدمان ساكس و مورجان ستانلي , بموافقة نظام الإحتياط الفدرالي إلى شركات صرافة قابضة, كحالة منظمة أكثر, ولكن مع إستعداد أكبر للوصول لرأس المال.[24] في 21 سبتمبر, أعلن سكرتير وزارة الخزانة الأمريكية هنري بولسون أن الإقتراح الأصلي , والذي يستبعد البنوك الأجنبية,قد إتسع ليشمل المؤسسات البنكية التي توجد في الولايات المتحدة. وكانت الإدارة الأمريكية تضغط على الدول الأخرى لوضع خطط إصلاح مشابهة.[25] في يومي الإثنين والثلاثاء خلال أسبوع 22 سبتمبر, ظهرت الرؤية عن طريق وزير الخزانة ورئيس مجلس إدارة نظام الإحتياط الفدرالي قبل إجتماع الكونجرس وفي يوم الأربعاء كان إلقاء الكلمة من رئيس الولايات المتحدة على شاشات التلفزيون.

On Monday and Tuesday during the week of September 22, appearances were made by by the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve before Congressional committees and on Wednesday a prime time presidential address was delivered by the President of the United States on television. Behind the scenes, negotiations were held refining the proposal which had grown to 42 pages from its original 3 and was reported to include both an oversight structure and limitations on executive salaries, with other provisions under consideration. On September 25, agreement was reported by congressional leaders on the basics of the package;[26] however, general and vocal opposition to the proposal was voiced by the public.[27] On Thursday afternoon at a White House meeting attended by congressional leaders and the presidential candidates, John McCain and Barack Obama, it became clear that there was no congressional consensus, with Republican representatives and the ranking member of the Senate Banking Committee, Richard C. Shelby, strongly opposing the proposal.[28] The alternative advanced by conservative House Republicans was to create a system of mortgage insurance funded by fees on those holding mortgages; as the working week ended, negotiations continued on the plan, which had grown to 102 pages and included mortgage insurance as an option.[29][30][31] On Thursday evening Washington Mutual, the nation's largest savings and loan, was seized by the Federal Deposit Insurance Corporation and most of its assets transferred to JPMorgan Chase.[32] Wachovia, one of the largest US banks, was reported to be in negotiations with Citigroup and other financial institutions.[33]

أسبوع 28 سبتمبر, 2008

Early into Sunday morning an announcement was made by the Secretary of the Treasury and congressional leaders that agreement had been reached on all major issues: the total amount of $700 billion remained with provision for the option of creating a scheme of mortgage insurance.[34] It was reported on Sunday, September 28, that a rescue plan had been crafted for the British mortgage lender Bradford & Bingley.[35] Grupo Santander, the largest bank in Spain, is slated to take over the offices and savings accounts while the mortgage and loans business will be nationalized.[36] Fortis, a huge Benelux banking and finance company was partially nationalized on September 28, 2008, with Belgium, هولندا and Luxembourg investing a total of 11.2 billion euros (16.3 billion U.S. dollars) in the bank. Belgium will purchase 49% of Fortis's Belgian division, with the Netherlands doing the same for the Dutch division. Luxembourg has agreed to a loan convertible into a 49% share of Fortis's Luxembourg division.[37] It was reported on Monday morning, September 29, that Wachovia, the 4th largest bank in the United States, would be acquired by Citigroup.[38][39] Other European rescues reported Monday were of Hypo Real Estate, a holding company based in Munich which comprises a number of real estate financing banks and of Glitnir, Iceland’s third largest lender [40]. Stocks fell dramatically Monday in Europe and the US despite infusion of funds into the market for short term credit.[41][42]

The bailout plan, now named the Emergency Economic Stabilization Act of 2008 and expanded to 110 pages was slated for consideration in the House of Representatives on Monday, September 29 as HR 3997 and in the Senate later in the week.[43][44] The plan failed after the vote being held open for 40 minutes in the House of Representatives, 205 for the plan, 228 against.[45][46] Meanwhile US stock markets suffered steep declines, the Dow losing 300 points in a matter of minutes, ending down 777.68, the Nasdaq losing 199.61, falling below the 2000 point mark, and the S.&P. 500 off 8.77% for the day.[47] By the end of the day, the Dow suffered the largest drop in the history of the index.[48] The S&P 500 Banking Index fell 14% on September 29 with drops in the stock value of a number of US banks generally considered sound, including Bank of New York Mellon, State Street and Northern Trust; three Ohio banks, National City, Fifth Third, and KeyBank were down dramatically.[49][50] On Tuesday, September 30, stocks rebounded but credit markets remained tight with the London Interbank Offered Rate (overnight dollar Libor) rising 4.7% to 6.88%.[51] On Tuesday, September 30, 9 billion was made available by the French, Belgian and Luxembourg governments to the French-Belgian bank Dexia.[52] After Irish banks came under pressure on Monday, September 29, the Irish government undertook a two year "guarantee arrangement to safeguard all deposits (retail, commercial, institutional and inter-bank), covered bonds, senior debt and dated subordinated debt (lower tier II)" of 6 Irish banks: Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide and the EBS Building Society; the potential liability involved is about 400 billion dollars.[53] The Senate's version of the $700 billion bailout plan, HR1424, modified to expand bank deposit guarantees to $250,000 and to include $100 billion in tax breaks for businesses and alternative energy, passed with bi-partisan support 74-25 on October 1st.[54] Reaction in the House was mixed,[55][56] but in a vote on Friday the House of Representatives passed the Emergency Economic Stabilization Act of 2008, as refashioned by the Senate, 263-171 in a bipartisan vote.[57]

Discussions are ongoing in Europe regarding possible remedies for financial instability in Europe leading up to a conference Saturday afternoon in Paris hosted by Nicolas Sarkozy, president of France. UniCredit of Italy was reported to be the latest bank to come under pressure.[58] During the night of October 2 Greece followed Ireland's lead and guaranteed all bank deposits.[59] On October 3 it was reported that Wachovia had rejected the previous offer from Citigroup in favor of acquisition by Wells Fargo.[60] In Britain, the Financial Services Authority announced on October 3 that effective Tuesday, October 7, the amount of the guarantee of bank deposits would be raised to £50,000 from £35,000.[61] On Friday, October 3, the government of the Netherlands took over the Dutch operations of Fortis, replacing the bailout plan of September 28.[62]


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التنبؤات

ولقد تنبأ البعض بإستمرار أزمة السيولة, وبأنها من الممكن أن يحدث إمتداد للركود أو يحدث ما هو أسوأ.[63]

التسلسل الزمني للأحداث

خلفية

أحداث 2007

  • برزت أزمة السيولة في 9 أغسطس, 2007[64]

أحداث 2008

إنعكاسات الأزمة المالية الأمريكية عالميا

الإنعكاسات على روسيا

خسرت أسواق المال الروسية أكثر من 200 مليار دولار منذ 15-18 سبتمبر 2008 ، ويجمع الخبراء على أن الهبوط الحاد يعود إلى انعكاسات أزمة الاقتصاد الأمريكي وإفلاس مؤسسات مالية كبيرة ويؤكدون على متانة أسس الشركات الروسية.

كما أعلنت وزارة المالية الروسية أنها تعتزم ضخ أكثر من 45 مليار دولار في القطاع المصرفي الروسي للحد من تأثيرات الأزمة الحالية.

ورغم الانخفاض الكبير في مؤشرات البورصات الروسية في الأسابيع الأخيرة، وفقدانها منذ بداية الأسبوع الحالي أكثر من 20% إلا أن فريقا واسعا من الخبراء يرفضون مقارنة الوضع الحالي ب أزمة أغسطس عام 1998 ويلفتون إلى متانة أسس الاقتصاد الروسي.

ويعرب الخبراء عن ثقتهم في أن تضافر جهود البنك المركزي الروسي والحكومة سيؤدي إلى تجاوز الأزمة الحالية لاسيما وأن روسيا تملك أدوات ووسائل كثيرة للحد من انهيار البورصات، ليس آخرها ضخ السيولة اللازمة في النظام المالي الروسي. [66]

انظر أيضا

وصلات خارجية وقراءات إضافية

 
الافلاس 1995، الانهيار القادم لأمريكا. انقر على الصورة لمطالعة الكتاب كاملاً.

المصادر

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  3. ^ HM Treasury, Bank of England and Financial Services Authority (September 14, 2007). "News Release: Liquidity Support Facility for Northern Rock plc".
  4. ^ "Pain Spreads as Credit Vise Grows Tighter" article by Louis Uchitelle in The New York Times September 18, 2008
  5. ^ أ ب ت "Lehman Files for Bankruptcy; Merrill Is Sold" article by Andrew Ross Sorkin in The New York Times September 14, 2008
  6. ^ "Lloyds Bank Is Discussing Purchase of British Lender" article by Julia Werdigier in The New York Times September 17, 2008
  7. ^ "Washington Mutual Is Said to Consider Sale" article by Geraldine Fabrikant in The New York Times September 17, 2008
  8. ^ "As Fears Grow, Wall St. Titans See Shares Fall" article by Ben White and Eric Dash in The New York Times September 17, 2008
  9. ^ See American International Group for details and citations.
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  11. ^ Gray, Michael. "Almost Armageddon: Markets Were 500 Trades from a Meltdown (September 21, 2008 ) New York Post
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  13. ^ "S.E.C. Issues Temporary Ban on Short-Selling" article by Vikas Bajaj and Jonathan D. Glater in The New York Times September 19, 2008
  14. ^ "Australian short selling ban goes further than other bourses". NBR. 2008-09-22. Retrieved 2008-09-22. {{cite news}}: Check date values in: |date= (help); Italic or bold markup not allowed in: |publisher= (help)
  15. ^ "Stocks Surge as U.S. Acts to Shore Up Money Funds and Limits Short Selling" article by Graham Bowley in The New York Times September 19, 2008
  16. ^ "Congressional Leaders Were Stunned by Warnings" article by David M. Herszenhorn in The New York Times September 19, 2008
  17. ^ "Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis" article by Edmund L. Andrews in The New York Times September 18, 2008
  18. ^ "Paulson Argues for Need to Buy Mortgages" article by David Stout in The New York Times September 19, 2008
  19. ^ "Plan’s Mystery: What’s All This Stuff Worth?" article by Vikas Bajaj in The New York Times September 24, 2008
  20. ^ "Bush Officials Urge Swift Action on Rescue Powers}" article by Edmund L. Andrews in The New York Times September 19, 2008
  21. ^ Draft Proposal for Bailout Plan (September 21, 2008). New York Times
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  23. ^ "$700 Billion Is Sought for Wall Street in Vast Bailout" article by David M. Herszenhorn in The New York Times September 20, 2008
  24. ^ "Shift for Goldman and Morgan Marks the End of an Era" article by Andrew Ross Sorkin and Vikas Bajaj in The New York Times September 21, 2008
  25. ^ Schwartz, Nelson D. (2008-09-22). "Foreign Banks Hope Bailout Will Be Global". The New York Times. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  26. ^ "Lawmakers Agree on Outline of Bailout" article by David M. Herszenhorn in The New York Times September 25, 2008
  27. ^ "Lawmakers’ Constituents Make Their Bailout Views Loud and Clear" article by Sheryl Gay Stolberg in The New York Times September 24, 2008
  28. ^ "Talks Implode During Day of Chaos; Fate of Bailout Plan Remains Unresolved" article by David M. Herszenhorn, Carl Hulse, and Sheryl Gay Stolberg in The New York Times September 25, 2008
  29. ^ "Conservatives Viewed Bailout Plan as Last Straw" article by Carl Hulse in The New York Times September 26, 2008
  30. ^ "Politics Take Hold of Bailout Proposal" article by David M. Herszenhorn in The New York Times September 26, 2008
  31. ^ "House Republicans Support a Plan That Would Insure Troubled Mortgages" article by Edmund L. Andrews in The New York Times September 26, 2008
  32. ^ "Government Seizes WaMu and Sells Some Assets" article by Eric Dash and Andrew Ross Sorkin in The New York Times
  33. ^ "Wachovia, Looking for Help, Turns to Citigroup" article by Ben White and Eric Dash in The New York Times September 26, 2008
  34. ^ "Breakthrough Reached in Negotiations on Bailout" article by David M. Herszenhorn and Carl Hulse in The New York Times September 27, 2008
  35. ^ "Britain Close to Takeover of Another Lender" article by Landon Thomas, Jr. in The New York Times September 28, 2008
  36. ^ "Taxpayers must risk billions for Bradford & Bingley" article by Philip Webster, Patrick Hosking and Tim Reid in The Times of London September 29, 2008
  37. ^ van der Starre, Martijn (2008-09-29). "Fortis Gets EU11.2 Billion Rescue From Governments". Bloomberg. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  38. ^ Sorkin, Andrew Ross (2008-09-30). "Citigroup to Buy Wachovia Banking Operations". The New York Times blog Dealbook. Retrieved 2008-09-29. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  39. ^ Sorkin, Andrew Ross (2008-09-28). "Citigroup and Wells Fargo Said to Be Bidding for Wachovia". The New York Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  40. ^ http://news.bbc.co.uk/1/hi/business/7641753.stm
  41. ^ Hunter, Michael (2008-09-29). "Heavy stock losses after Fed action". The Financial Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  42. ^ Politi, James (2008-09-29). "Central banks pump cash into system". The Financial Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  43. ^ Information from C-Span September 29, 2008
  44. ^ Hulse, Carl (2008-09-28). "Bailout Plan in Hand, House Braces for Tough Vote". The New York Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  45. ^ C-Span 2 PM 9/30/08
  46. ^ Hulse, Carl (2008-09-29). "House Rejects Bailout Package, 228-205, But New Vote Is Planned; Stocks Plunge". The New York Times. Retrieved 2008-09-29. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  47. ^ Grynbaum, Michael M. (2008-09-29). "For Stocks, Worst Single-Day Drop in Two Decades". The New York Times. Retrieved 2008-09-29. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  48. ^ Twin, Alexandra (2008-09-29). "Stocks crushed". CNN Money. Retrieved 2008-09-29.
  49. ^ Smith, Aaron (2008-09-29). "Wondering which bank is next: Analysts brace for more bank failures after Wachovia sells out banking assets to Citi; bank stocks plunge after House rejects bailout bill". CNN Money. Retrieved 2008-09-29. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  50. ^ Dash, Eric (2008-09-29). "With Wachovia Sale, the Banking Crisis Trickles Up". The New York Times. Retrieved 2008-09-29. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  51. ^ Guha, Krishna (2008-09-30). "Banking's crisis of confidence deepens". The Financial Times. Retrieved 2008-09-30. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  52. ^ Daneshkhu, Scheherazade (2008-09-30). "Dexia receives €6.4bn capital injection". The Financial Times. Retrieved 2008-09-30. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  53. ^ "Government statement (of the Government of Ireland)". The Irish Times. 2008-10-01. Retrieved 2008-10-01. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  54. ^ Hulse, Carl (2008-10-01). "Adding Sweeteners, Senate Passes Bailout Plan". The New York Times. Retrieved 2008-10-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  55. ^ Hulse, Carl (2008-10-01). "Senate to Vote Today on the Bailout Plan". The New York Times. Retrieved 2008-10-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  56. ^ Rowley, James (2008-10-01). "Senate Sets Financial-Rescue Vote, House Decision Likely Friday". Bloomberg. Retrieved 2008-10-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  57. ^ Herszenhorn, David M. (2008-10-03). "House Approves Bailout on Second Try". The New York Times. Retrieved 2008-10-03. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  58. ^ Castel, Stephen (2008-10-01). "European Officials Debate Need for a Bailout Package". The New York Times. Retrieved 2008-10-01. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  59. ^ Hosking, Patrick (2008-10-03). "European bank rescue plan in tatters amid savings stampede". The Times. Retrieved 2008-10-03. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  60. ^ Dash, Eric (2008-10-03). "Wells Fargo Swoops In". The New York Times. Retrieved 2008-10-04. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  61. ^ Larsen, Peter Thal (2008-10-03). "Savings guarantee to rise to £50,000". The Financial Times. Retrieved 2008-10-03. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  62. ^ Schwartz, Neson D. (2008-10-03). "Netherlands Takes Over Some Fortis Operations". The New York Times. Retrieved 2008-10-03. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  63. ^ "Credit Enters a Lockdown" "Economic memo" by Peter S. Goodman in The New York Times September 25, 2008
  64. ^ خطأ استشهاد: وسم <ref> غير صحيح؛ لا نص تم توفيره للمراجع المسماة August2007
  65. ^ "Citi to acquire Wachovia's banking operations". MarketWatch. 2008-09-29. Retrieved 2008-09-29.
  66. ^ ورسيا اليوم

The initial articles and some subsequent material were adapted from the Wikinfo article "Financial crisis of 2007-2008" http://www.wikinfo.org/index.php?title=Financial_crisis_of_2007-2008 released under the GNU Free Documentation License Version 1.2

تمّ الاسترجاع من "https://www.marefa.org/w/index.php?title=الأزمة_المالية_2007-2010&oldid=1745374"