Ten years ago, on September 15, 2008, America's fourth-largest investment bank Lehman Brothers filed bankruptcy. With total debts of $613 billion against total assets of $639 billion and 25,000 employees worldwide, Lehman's bankruptcy was said to be the largest in the history, surpassing that of Worldcom's and Enron's.
Lehman Brothers' crisis further led to global financial crisis that year with several economies hit hard as global markets plummeted immediately. The company's collapse pulled down confidence in banks across the world. This included India's then largest private lender ICICI Bank too.
However, the impact on India's economy was minimal when compared to several other economies including Ukraine, Russia and Mexico, which were hit severely, as per a report by The Carnegie Endowment for International Peace, a foreign-policy think tank.
According to the report, which was published in 2009, "although the United States is at the epicenter of the global economic crisis, it is one of the countries least affected by the financial fallout."
Here are the top 10 countries that were most affected between 2008 and 2009
(Source: carnegieendowment.org)
On the other hand, there were countries which hardly faced the brunt unlike the ones above.
Here are the top 10 countries which were least affected between 2008 and 2009
(Source: carnegieendowment.org)
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First Published: Sept 13, 2018 12:30 PM IST
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