It was almost a year ago when, Lehman Brothers, one of world’s most trustworthy investment bank collapsed. This led to global financial panic, crashing of stock markets, housing crises failure of major investment houses etc. The series of event took place last September spreading panic world wide among bankers and destabilizing the financial system. When the dust had settled most of the world markets were down and big power houses were competing for government fund support.While the crisis was on its peak in the West, the UAE governments were confident enough to pass this phase. UAE is also feeling the tremors of the crises, but the waves took a while to reach the Middle East.
The world governments have been predicting an optimistic forecast, whilst the world was in recession since October 2007. The world leaders failed to recognize the same which has led to the current crises.
The job is still not done, as the finance ministers of G20 nations meet to discuss “exit strategies”.
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