It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity". COUNT 5
QSN1 What action in 2007 by national governments prevented the collapse of large financial institutions? ANS1 bailout of banks QSN2 How much estimated consumer wealth was lost as a result of the financial crisis of 2007? ANS2 trillions of U.S. dollars QSN3 What is the date the active phase of the financial crisis began as a liquidity crisis? ANS3 August 9, 2007 QSN4 What year did the global recession that followed the financial crisis of 2007 end? ANS4 2012 QSN5 What was the name of the company that terminated withdrawals from three hedge funds in 2007 citing a liquidity crisis? ANS5 BNP Paribas