Sample Essay
The crash marked the beginning of recession through society as individual families started getting disrupted by the investment risks of particular members made on family credit. The debts from the crash affected all banks. There was just one Kuwaiti bank that was left insolvent and it was more so because of the support it derived from the Central Bank. It was only their National Bank that could survive and live through the crisis. National Bank of Kuwait is the largest commercial bank. Eventually the government intervened and a complicated set of policies were devised embodies in the Credit Facilities Resettlement Program. The implementation of the program was yet incomplete in 1990 when Iraq’s invasion changed the entire financial scenario.
The Souk’s decline was albeit instantaneous and impromptu. Many claim that it cannot even be considered a crash as there were simply technically no bids involved. The final result of the world’s greatest speculative was a major loss for every Kuwaiti National, every man, woman and child. Eventually the Kuwaiti Government was compelled to close the stock and build a new stock exchange all over again.
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