Source: CCTV.com

10-14-2008 09:58

Special Report:   Global Financial Crisis

The credit crunch that started last August in the US real estate sector has spread around the world. Let's take a look at some recent events that have brought the world ever closer to the biggest financial crisis since the Great Depression of the 1930s.

Mar. 16/17 -- US Bear Stearns sold to JP Morgan for about $2 a share.

Jul. 13 -- Fannie Mae and Freddie Mac are nationalized in a bid to support US housing market.

Sept. 14/15 -- Lehman Brothers files for bankruptcy; Merrill Lynch to be taken over by Bank of America.

Sept. 16 -- US Fed announces plan for $85 billion loan to AIG in return for 80% stake.

Sept. 17 -- British bank Lloyds TSB Group agrees to rescue rival HBOS.

Sept. 19 -- US Treasury Secretary Henry Paulson calls for government to restore financial stability.

Sept. 20 -- Details emerge of US$700 billion plan to bail out firms burdened with bad debt.

Sept. 21 -- Goldman Sachs Group, Morgan Stanley become bank holding companies.

Sept. 25 -- Collapse of US Washington Mutual

Sept. 29 -- US House of Representatives rejects $700 billion rescue plan; Fortis NV bailed out by Belgian, Dutch and Luxembourg governments.

Sept. 30 -- World stocks fall to near three-year lows.

Oct. 1 -- US Senate passes the revamped US financial rescue plan.

Oct. 3 -- US House of Representatives passes revised bail-out plan on second attempt.

Oct. 4 -- European leaders meeting in Paris commit to ensure the stability of banking and financial systems.

Oct. 7 -- Iceland, facing down a threat of "national bankruptcy", takes over Landsbanki, its second largest bank and props up its battered currency.

Oct. 8 -- The US Fed leads coordinated, global round of interest rate cuts; Britain offers to pump at least 50 billion pounds into its biggest retail banks.

 

Editor:Xiong Qu