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2007 |
August US Credit Crunch goes Global due to the interaction of world banks and Hedge Funds who also have subprime mortgage backed securities |
2007 |
September US Interest rates lowered |
2007 |
December ECB lends European commercial banks $500bn over the Christmas period to help ease the credit crisis |
Year |
Month 2008 Credit Crunch Timeline of Events |
2008 |
January Down turn in stock markets |
2008 |
February House prices continue to fall and jobs are cut |
2008 |
March March 16: Bear Stearns acquired by JPMorgan Chase avoiding bankruptcy |
2008 |
April Germany's Deutsche Bank warns of credit losses |
2008 |
May Figures show that Retail and construction firms are hardest hit by the Credit Crunch |
2008 |
July July 11: Indymac Bank is placed into the receivership |
2008 |
August Washington Mutual, Morgan Stanley and Goldman Sachs come under pressure |
2008 |
September September 7: Federal takeover of Fannie Mae and Freddie Mac |
2008 |
October Europe sees effect of the credit crunch resulting in falling house prices, job losses and bankruptcies |
2008 |
November The US government agrees to rescue Citigroup |
2008 |
December 1 December: The US recession is officially declared by the National Bureau of Economic Research |
Credit Crunch Timeline |
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