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The world is currently in the midst of the most severe financial and economic crisis since the Great Depression. Although the crisis originated in the subprime mortgage market in the United States, it then spread to Europe and later to the rest of the world. The speed of the contagion that spread across the world is perhaps unprecedented. What started off as a relatively limited crisis in the US housing mortgage sector turned successively into a widespread banking crisis in the United States and Europe, the breakdown of both domestic and international financial markets.
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