Recovering from Financial Crisis _ Determining the Best Practices and Understanding the Financial Strategies of Europe

Abstract

With increasing globalization and the growth of an interconnected world economy, when global financial crisis struck in 2009, the tangled economies needed to find ways to recover together, while individually implementing a recovery process of their own. æNo two countries followed the same exact recovery strategy, but they had the same goal in mind, achieving financial stability. ææWhat are the best practices for a country recovering from financial crisis? æWhy have some countries been able to carry out these processes more effectively and more quickly than others? æThis poster identifies what some of the best practices may be for countries recovering from financial crisis, and comparatively looks at Iceland and Greece to see if these best practices can explain the difference in success during the global financial crisis of 2009. æI argue that Iceland had a more successful recovery for three reasons: their current status with international organizations, previous financial success, and modern political stability. æææThe poster will present a set of best practices for financial recovery, a comparative chart of the response in both Iceland and Greece that highlights these best practices, and an outline of why these best practices were effective. æThe conclusion will show that in times of financial crisis, each country requires a recovery that is tailored to their specific needs, but simultaneously maintains a countryÍs position within larger international groups. The poster will also show that the implementation of certain best practices prior to financial crisis can help to lessen the effects of financial crisis.