The Financial Crisis

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bankruptcy (n)

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a legal declaration that a person or organisation is unable to pay their debts

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austerity (n)

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measures taken to reduce government spending and cut budget deficits during economic crises

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recession (n)

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a significant decline in economic activity, typically marked by a drop in GDP

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depreciation (n)

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a decrease in the value of assets, such as currency or investments

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financial contagion (phrase)

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the rapid spread of financial instability from one market or institution to others

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stimulus package (phrase)

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a comprehensive set of government policies aimed at helping economic activity during times of

recession or crisis

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credit crunch (phrase)

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a situation in which there is a reduction in the general availability of loans or credit

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market bubble (phrase

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an unsustainable increase in the price of assets, followed by a sudden and significant decrease

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tighten our belts (idiom)

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reduce our spending in order to cope with financial challenges

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volatility (n)

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the degree of variation or fluctuation in the price or value of a financial market