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That decline, while the largest in more than 50 years, was not nearly as great as the decline in production that took place as the financial crisis cut off credit for trade financing.
Hours after President Obama signed an executive order on Friday freezing assets belonging to the Qaddafi family and other Libyan government entities, an unspecified number of American financial institutions cut off access to some $30 billion, including Libya's oil-enriched sovereign wealth funds.
Also, Iranian financial institutions are cut off from the world's banking system and those continuing to deal with Iranian banks are threatened with punishment.
"We worked out the storylines for a second series that moved away from the style magazine and was about his financial support being cut off, and he was facing cold, hard reality, which – had we known the term – would have been far more 'millennial'millennial
"We worked out the storylines for a second series that moved away from the style magazine and was about his financial support being cut off, and he was facing cold, hard reality, which had we known the term would have been far more 'millennial.' He was left adrift in a world where things were crumbling, and he was less certain of things".
A North Korean entrepreneur who hired dozens of workers told me for example: "I can't expand any more as my plans to import from and export to Europe have been shattered by the financial sanctions which cut off North Korea's banks from the global banking system.
Some have threatened to cut off financial aid to Uganda.
All financial transactions have been cut off, making it extremely difficult for Iranians to make overseas payments.
WorldCom's banks subsequently cut off financial support and the company was forced to seek bankruptcy protection.
He was also required to get a letter from his parents explaining why they cut off financial support — something he knew he could not possibly do.
His ouster was condemned by governments around the world, which have withdrawn their ambassadors and cut off financial assistance to Honduras, the third poorest country in the hemisphere.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com