What is the financial crisis?

[Nelle91]

Hi guys,
I am doing year 12 economics this year and I was set some holiday homework.

It asked me to state what is meant by the term "Financial crisis"
And I know why it occured such as the housing market crash and the share market crash... but when does it actually become classified as a "financial crisis"?
Is there a certain amount to which the economy decreases say in statistics before it is classified as one?

Oh and while I'm posting this does anyone know any good magazines or websites that they would consider relevant for year 12 economics?
I purchased 'The economist' the other day and it was quite good but it is too expensive to purchase weekly.

Anyway any response would be great 

[clinton_09]

http://economics.mrwood.com.au/

This website is a really good source!!

[brendan]

I read economics blogs.

Also check out this thread: http://vcenotes.com/forum/index.php/topic,5406.0.html