Translation of "Global financial crisis " (English → French) :

In the last several years we've had a perfect storm: the global financial crisis, food crisis, fuel crisis, climate crisis, care crisis, all of which are putting huge pressures on poor people on this planet.

Then, in November 2008, in the middle of the global financial crisis, when governments and leaders around the world were uniting their citizens and their political parties to address the crisis and to protect jobs, here in Canada we had a Prime Minister who said, “We have a global financial crisis.

However, since then, the Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of Member States and that measures supporting banks are apt to remedy this disturbance in its Communication on the application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis (38) (hereinafter ‘Banking Communication’), its Communication on the recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition (39) (herei ...[+++]nafter ‘Recapitalisation Communication’), the IAC and its Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (hereinafter ‘Restructuring Communication’) (40).

The deepening of the global financial crisis after the fall of Lehman Brothers and the ensuing economic crisis and housing market crisis led to an increase in defaults on NR’s outstanding loans and forced NR to take considerable loan loss impairment charges in 2008 and over the first half of 2009 well above the average for other banks.

The proximate cause was the intensification of the global financial crisis, owing to both the failures of several prominent global financial institutions and the growing realization that this was a solvency rather than a liquidity crisis.

The Commission reacted immediately with various measures including the adoption of the Communication on the application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis (3) and of a number of decisions authorising rescue aid to financial institutions.