Banking crisis has transformed the world 's financial landscape . Many established names bankrupted or bailed out as a consequence of bad debts . After inital upswing , world stock markets fall once more . The US economy is in recession and unemployment rises to record levels.
Banking crisis has transformed the world 's financial landscape . Many established names bankrupted or bailed out as a consequence of bad debts . After inital upswing , world stock markets fall once more . EU leaders at summit call for overhaul of international financial system .