Since 2007, nations around the world experienced a series of major economic and financial problems. The events began with the financial crisis of 2007â€“2008, considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of US dollars, and a downturn in economic activity leading to the 2008â€“2012 global recession and contributing to the European sovereign-debt crisis.