Baku. 9 February. REPORT.AZ/ Sharp reduction in price of oil on the world market may cause the entrance of the global economy on a "second round" of the crisis. Stock indices reflecting the economic situation of developed and developing countries, have recovered in January, but then again began to decline. Dow Jones index fell from the level of 16 000 points, the German DAX - from 9000 points, while the Japanese Nikkei index today on 9 February fell by 918 points or 5.4% - up to 16 000 points.
Yesterday, on February 8, the indices of world stock markets began to fall due to a sharp decline in the value of shares of Greek banks and the Italian bank Monte Paschi. Notably, the shares of Greek banks Eurobank Ergasias and Alpha Bank declined by about 15%.
Analytical Group of Report News Agency says that a review of recent history reveals following interesting facts: "In 2006, housing prices in the United States suddenly stopped growing, and then fell for three years.
Defaults on mortgages led to a banking crisis.Due to the high degree of interdependence of banks worldwide problem quickly went beyond the United States and spread around the world.The banking crisis, in turn, led to a general credit crisis.As a result, companies could not get loans, their debt increased, the ratings fell.In most cases the default has been avoided because central banks and governments intervened, and supported vulnerable banks and companies."
"The current crisis is different from the financial crisis of 2009, and it will be more difficult to bear, because governments and central banks have exhausted their resources during the previous crisis. Now there is not enough resources at their disposal.However, some regulators, for example, the European Central Bank (the ECB) and the Japanese Central Bank (the BOJ) still have opportunity to intervene and become a direct purchaser of raw materials (especially oil), in order to stabilize prices.Now the oil industry has become a major threat to the global economy.
The longer OPEC countries and other oil-producing countries delay with the decision, the more difficult it will be to restore global economic situation in the world.Note that the shares of the largest banks in Europe today are cheaper than at times of global financial crisis in 2009. It shows that financial markets faced a worst-case scenario", Report analysts added.