4. Economic Crisis FIRST WAVE August 2007: The housing bubble burst in the United States September – December 2007: The Fed lowers interest rates It decreases the growth. Devaluation of the rate of change to adjust external bills. January – September 2008: The crisis extends to the overall financial sector The hit countries are the clerks of it USES. September 2008: It is the breaking point. Lehman Brothers fail February 2009: The U.S. Congress approves the fiscal stimulus package SECOND WAVE It triggers a crisis of confidence in the financial sector Loss of briefcases in Europe generates the investors' aversion to invest in emergent countries October – December 2008: The governments of developed countries announced fiscal stimulus packages January 2009: Developed countries officially entering recession WORLD CRISIS: TWO WAVES ENGLISH V– 2009/2
37. GOMEZ, Luisa. El mundo en recesión y Colombia estancada este año, según el FMI. El Tiempo, 23 de Abril de 2009. Pág. 1 – 2Economic Crisis ENGLISH V– 2009/2