This chapter provides a synthesis of the preceding discussions and presents some concluding thoughts. The Financial Debacle of 2007–8 was the most severe financial crisis in modern history. Never before, even in the 1930s, did so many of the leading banks — in terms of both size and reputation — in so many advanced countries find themselves, at almost exactly the same moment, requiring state intervention to save them from failing. However, a financial catastrophe was avoided. Banks were bailed out by their governments in various ways, usually through loans or by buying a stake in their capital. The governments' intervention proved effective and the worst of the financial crisis appeared to be over by the start of 2009.
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