In Spain, hit hard by the crisis, it was not until January 2010 that Prime Minister Zapatero announced the so-called 'Plan E', which envisaged a total investment of € 55 billion to stimulate the economy. Alongside clubmate Bonucci, Barzagli played all three knockout games, including the final, which was lost 0-4 to Spain. In February 2009, it was announced that Japan's economy had contracted by 3.3% in the fourth quarter of 2008, the largest decline since 1974. When the club saw coach Matt Busby leave after twenty-five years in 1969, things did not get any better, resulting in relegation from the First Division in 1974. As a result of deteriorating balance sheet ratios, it was more difficult, and more expensive, for the banking sector to raise capital, both in the form of equity and debt capital. It was clear, however, that the lending function of the banking system was not functioning optimally. At the end of February, the fourth-quarter figure was revised to -6.2% (over a full year), which was the strongest contraction since 1982.

From February 2009 there was increasing concern about the consequences that the credit crisis would have for the financial position of governments. From about March 2009 it became clear that countries whose economies depended heavily on exports had been hit very hard by the crisis. On 13 November 2009, it appeared that the Dutch economy was on the mend in the third quarter of 2009, formally ending the recession. From November 2008, more and more countries appeared to be in recession. One position, espoused mainly by the US government and expressed by the economist Krugman, among others, was that further austerity would be counterproductive, as it would curb growth; preference should be given to a provisional continuation of the various stimulus measures; the costs of this could be financed from future growth. On October 29, it was announced that the US economy had grown by 3.5% annualized in the third quarter (ie a growth in that quarter of almost 0.9% times four), after four consecutive quarters of contraction. From about the beginning of November 2008, more and more statistics showed that the "real economy" was cooling down at a rapid pace. It was expected that the size of this in 2010 and 2011 would be greater than in 2009. Similar problems were expected with interest-only mortgages, where only interest is paid during the first years, but where repayments then have to take place at an accelerated pace.

Ireland and Austria were particularly mentioned in this context, the first due to the large volume of guarantees issued to Irish banks, the second due to the large volume of loans granted by Austrian banks to debtors in Central and Eastern European countries. The need to strengthen capital ratios, or at least prevent them from deteriorating further, meant that banks exercised more restraint in granting new loans. The financing of commercial real estate (shopping centres, office buildings and the like) also proved to be increasingly problematic due to increasing vacancy rates. From the spring of 2009 more and more companies got into difficulties. The recovery plans submitted in March 2009 by Dutch pension funds with an insufficient funding ratio provided for a waiver of indexation for several years. Dutch pension funds were forced to refrain from indexation of pension rights and pensions in payment for 2009. In August 2009, it appeared that France, Germany and Japan had seen positive growth in the second quarter of 2009, officially ending the recession in those countries.

In general, it can be said that a smaller wealth (housing, shares, etc.) has a slowing effect on economic growth over time, partly caused by declining consumer confidence. The opposing view (particularly espoused by European governments) was that government deficits and debt had already risen to such an extent that further debt, the necessary consequence of further stimulus measures, would lead to a downward spiral of rising interest costs, which would actually curb growth. According to the Royal Institute for International Affairs, RBS and HBOS nearly went bankrupt on October 7, 2008, which could have led to a chain reaction that would have forced other banks to close their doors. Stars at Barça in the 1980s included Argentina's Diego Maradona and Germany's Bernd Schuster. The reasons were economic rather than sporting in nature. One season earlier, Ted Harper scored 37 goals for the club, a record that is still unbroken. He scored his first goal for the club on November 5, 2016, against Manchester City. On November 26, 2008, this also appeared to be the case in the United Kingdom. Stimulus programs were announced in several countries in November 2008 to contain the recession: €40 billion in Germany and GBP 20 billion in the United Kingdom.

If you liked this post and you would such as to obtain even more information concerning as roma jersey kindly browse through our own web site.