Many countries still struggle to overcome the economic crisis that shook the whole world in the past three years. While some countries like USA, France, Germany and England take the first step to recovery, other countries, like Greece just started to fight the monster.
While some world class economists did predict that a bubble is about to burst in USA, spreading later to the whole world, no one can exactly say what is going to happen, how is going to end.
Looking at the worst economic crises that the countries around the world faced throughout the history we can only hope this crisis will end soon so we can start recovering. Is not going to be easy but what goes down must eventually go up.
The top ten economic crises, with their estimative costs where available are:
1. The Argentinean economic crisis (1999–2002) – cost impossible to estimate;
2. The Asian Financial Crisis (1997-1999) – cost impossible to estimate;
3. The Russian Financial crisis (1998) – cost $90 billion;
4. The .com bubble (1995-2000) – cost impossible to estimate;
5. The Wall Street Crash of 1929 – cost more than $80 million;
6. The Swedish Financial Crisis (1990-1994) – cost more than $20 billion;
7. The United States Savings and Loan Crisis (1980s-90s) – cost $160 billion;
8. The Japanese asset price bubble (1986-1990) – cost impossible to estimate;
9. The Northern Rock Bailout (Great Britain, 2007) – cost $5 billion;
10. The Tulip Mania (The Netherlands, 1637) – cost impossible to estimate.