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The financial sector was, as you might expect, hit hard. Banks were struggling with bad loans. Many businesses couldn't repay their debts, and the banks were left holding the bag. Some banks collapsed, while others needed massive bailouts from the government. The stock market crashed, wiping out a lot of investor wealth. International organizations, like the International Monetary Fund (IMF), stepped in to help. The IMF provided financial assistance and advice, but the conditions attached to the loans – things like economic reforms and austerity measures – were controversial. People debated whether the IMF's approach was the right one. It was a complex situation, and there was no easy fix.
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