When Lehman Brothers declared bankruptcy on Sept. 15, 2008, many financial experts failed to grasp the global ramifications, to understand that the world was about to enter the most severe global financial and economic crisis since the Great Depression of the 1930s. However, the internationally coordinated policy response, led primarily by the Group of 20, saved the global economy from further collapse. And, Instead of a second Depression, the world experienced a severe recession. While the financial system remains vulnerable, the global economy now seems to have weathered the worst of the crisis. Global economic data is turning positive.

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