I read that it stemmed from a housing bubble in the US, but how did it affect countries like Latvia severely, or Estonia in terms of healthcare? Like, how did it become global?
In: 7
There are a lot of banks and financial institutions that trade all over the world in many different countries. Many of those companies were selling products to each other such that if something went wrong, everyone was exposed to the financial risk.
Those companies also sold financial products to governments and businesses in those countries all over the world, which meant when one of them got into trouble and those products became worthless, it affected all the other banks who had those products and that affected all of THOSE banks’ customers in countries around the world.
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