Financial crisis

• Mortgages bundled together - subprime + good ones in packages. Bought by banks. Debt was sold to other banks over a short period
• Northern Bank had greater debts than assets. Bailed out with a cost of £3b and nationalised
• Lehman brothers collapsed
• Lloyds group bailed out
• RBS was nationalised
• UK installed austerity
• Greece - high unemployment led to hatecrimes against immigrants