Credit crunch

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Economics.

1.

A large and rapid reduction in the general availability of borrowings, or a similarly large and rapid increase in the cost of borrowing, or both.


2.

In particular, the rapid reduction in interbank lending from 2007, and its wide ranging adverse effects on other financial markets and on the economy.

This is sometimes known as the Global Financial Crisis (GFC), or the Global credit crunch.


See also