The G20 Summit, which was held in 2008 to consolidate the new international financial order, established that the current crisis was due to technological innovations in the financial markets, securitization and credit derivatives, through which assets with risk is were broadcast from investment (not regulated entities) towards commercial banks (regulated entities) banks and entities from countries with stricter regulation to countries with weaker regulations)hedge funds). The strong global economic slowdown has led, since the summer of 2007, end of the housing bubble, strong labour adjustments and reallocations of rents, both within countries and among Nations. As it is well known, the housing is a very important part of the heritage of the families and their financing is one of the important activities of the financial system. Such funding was carried out by highly opaque financial instruments that have resulted in a drop of the wealth of the families, a limitation of the volume of credit to customers (increase of banking to deal with the bad debt provisions) and to a freeze in the interbank market. All of these effects and adjustments have been transmitted to the rest of the economy. If companies expect to sell less in the future, they will abandon their investment plans and reduce employment.

If families anticipate that employment reduction, will reduce your expenses by inducing companies to further reduce production and employment, reaching a continuous contraction; This descending circle is called depression. Harmful effects are reinforced so themselves and intertwine, affecting two interrelated sectors: 1-financial: to not be able to obtain liquidity in the interbank market are forced to sell assets, with the consequent decrease of prices of these and, therefore, reducing the equity value of the investment funds; participants in these funds go to the reimbursement of their shareholdings, exacerbating more if possible, the problem of liquidity of the banks. 2. The weakness of the banks balance sheets, for the possession of these doubtful assets, forces them to limit the volume of credit granted to its customers, individuals and companies, putting them in difficulties and increasing the risk of entering receivership.