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The risky mortgages (usually referred as subprime mortgages in financial contexts) that made by US lenders in late 90s and mostly in early 2000s, and the subsequent securitization of those loans led to the crisis.
For various reasons, lenders were encouraged to make high volume of subprime or risky loans to individuals without sound proofs of credit worthiness.
More than those foreign aids, the foreign direct investments (FDI flows) into our country may get reduced.
This will be very harmful to our economy, especially in a time when we are badly in need of those FDI flows to undertake large projects which can potentially create many jobs.
For the past few months, international media has been following the developments in the global financial market and their effects on the “credit crunch” or the current financial crisis.
However it’s only very recently that our media got aware of the crisis and started paying attention on the twists of the crisis.
So the default of the borrowers put those investors on the verge of collapse.
However we may have some serious indirect consequences which can send our economy into a slump.
However the crisis has made it really difficult to get credit or funds in the international financial markets.
So the banks in our country may suffer because of the limited or no funding from overseas to finance their lending activities.
Europe and Japan being our major tourist markets can’t continue sending tourists to our country if their economies keep on deteriorating.
So the current financial crisis can have potential negative effects on our tourism sector.