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A major factor in the severity of the 2007-09 financial crisis was the massive reduction in the level of debt taken on by:
Legal Obligation
A duty that is legally enforceable because it arises out of a contract or legal requirement.
Defined Benefit Obligation
A company's liability to pay its employees' retirement benefits, calculated based on factors like salary histories and years of service.
Current Period
Refers to the present accounting period under consideration, usually a fiscal quarter or year.
Defined Contribution Fund
A retirement plan in which the employer, employee, or both make contributions on a regular basis, but future benefits are based on the fund's investment performance.
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