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Unformatted text preview: t seemed to undergo a revolution in 2011. Governments were overthrown in Egypt, Libya, and Tunisia. Protests and armed conflicts took place, and in some cases are continuing, in Iran, Afghanistan, Bahrain, Yemen, Algeria, Syria, Jordan, and Saudi Arabia. Uncertainty in the Middle East and the global economy in spring 2011 helped push the West Texas Intermediate oil price from $84.45 a barrel in January to $112.27 in April. By August, evidence of a slowing global economy helped lower it to $86.65. Japan experienced a crippling earthquake and tsunami that killed tens of thousands and displaced hundreds of thousands. The global supply chain was disrupted for months. Greece, Ireland, and Portugal were bailed out of their fiscal problems by members of the European Community. The problems in Greece are creating global market turmoil. Italy is attempting to deal with its fiscal problems. Spain’s sovereign debt was downgraded. The ability of the European Community to absorb the collective debt burden is in doubt. Basel III called for banks to bolster reserves and capital structure beyond their financial capabilities. Although U.S...
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This note was uploaded on 02/11/2013 for the course MGMT 231 taught by Professor Yu during the Spring '13 term at Bauder.

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