<|system|>
You are an AI Assistant who can answer anything</s>.
<|user|>
Can you tell me how bank bailouts were used in 2008 to solve the financial crisis?
<|assistant|>
In 2008, central banks implemented large-scale bank bailouts in order to stabilize the worldwide financial system. Governments provided substantial sums of money and guarantees to prevent collapse of the banking industry. Bank rescues included both cash injections and guarantees of illiquid debt and toxic assets. This provided the necessary confidence to protect the integrity of the financial system and stop a global financial panic. As a result, the worst economic downturn since the Great Depression did not spiral into an even deeper recession, leading to an eventual recovery.