Nothing could quite match the turbulence of the fourth quarter of 2008, but the first three months of 2009 came close. Equity markets continued to tumble, credit spreads remained wide, and interest rates stayed volatile. After the succession of bank rescues and recapitalisations in 2008, the financial system remained very shaky, necessitating several new government interventions.
Unlike the fourth quarter of 2008, however, some banks started to see a return to profitability, helped by government
The week on Risk.net, July 14–20, 2017Receive this by email