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And banks, which have traditionally shied from business loans in the banlieues, have pulled back even more as Europe's long-running debt crisis tightens credit throughout the euro zone.
The result was that the European auto industry — currently struggling with plummeting sales as a global credit crisis tightens its grip — had been paying more than needed for windshields, windows and sunroofs.
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As the global economic crisis tightened its grip on the city, Mayor Michael R. Bloomberg ordered agencies to cut their expenses to make up shortfalls.
REYKJAVIK, Iceland — The government of Iceland took extraordinary measures on Tuesday to stave off "national bankruptcy," as the credit crisis tightened its grip on this remote island nation in the North Atlantic.
But the 1997 financial crisis tightened several screws.
The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit.
But the economic crisis has tightened fists.
They used the crisis to tighten fiscal policy.
Banks reacted to the crisis by tightening credit standards so that deposits of 20-25% became required.
Pervez Musharraf, the country's self-appointed president, is exploiting the Afghan crisis to tighten his grip.
European banks, still recovering from the financial crisis, had tightened their standards for borrowers even before sovereign debt jitters struck.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com