The global financial crisis began in 2007 with the collapse of the housing market in the United States, leading to a worldwide economic downturn and financial instability.

HSBC announces losses related to the U.S. subprime mortgage market, indicating the beginning of the financial crisis.

New Century Financial, specializing in subprime mortgages, files for Chapter 11 bankruptcy protection and cuts half of its workforce, signifying the deepening of the financial crisis.

Investment bank BNP Paribas announces the inability to value assets, leading to a complete evaporation of liquidity in the market, prompting interventions by major central banks, a crucial event in the financial crisis.

Northern Rock asks for and is granted emergency financial support from the Bank of England, leading to the biggest run on a British bank for more than a century, marking a significant event in the financial crisis.

Swiss bank UBS announces the world's first top-flight bank losses of $3.4bn from subprime-related investments, indicating the global impact of the financial crisis.

US President George W Bush outlines plans to help more than a million homeowners facing foreclosure, signifying the government's intervention in response to the financial crisis.

The 2008 global financial crisis echoed the issues seen in the LTCM crisis, highlighting the failure of government leaders to learn from past mistakes.

The World Bank predicts that global economic growth will slow in 2008 as the credit crunch hits the richest nations, indicating the widespread impact of the financial crisis.

Bear Stearns is bought by J.P. Morgan Chase in a deal orchestrated by and backed by the U.S. government, following a sharp decline in shares and a collapse in confidence in the company, marking a critical event in the financial crisis.

Moneyfacts reports the withdrawal of 20% of mortgage products from the UK market in the previous seven days, indicating the deepening impact of the financial crisis on the housing market.

Royal Bank of Scotland announces a plan to raise money from its shareholders with a £12bn rights issue, signifying the need for capital infusion in response to the financial crisis.

Swiss bank UBS, one of the worst affected by the credit crunch, launches a $15.5bn rights issue to cover some of the $37bn it lost on assets linked to US mortgage debt, indicating the ongoing impact of the financial crisis on the banking sector.

The FBI arrests 406 people, including brokers and housing developers, as part of a crackdown on alleged mortgage frauds worth $1bn. Separately, two former Bear Stearns workers face criminal charges related to the collapse of two hedge funds linked to sub-prime mortgages.

American Federal regulators seize IndyMac Bank after it succumbs to the pressure of tighter credit, tumbling home prices and rising foreclosures. IndyMac is the largest thrift ever to fail in the United States.

Financial authorities step in to assist America's two largest lenders, Fannie Mae and Freddie Mac. As owners or guarantors of $5 trillion worth of home loans, they are crucial to the US housing market and authorities agree they cannot be allowed to fail.

UK house prices show their biggest annual fall since the Nationwide began its housing survey in 1991, a decline of 8.1%. Meanwhile, HBOS reveals that profits for the first half of the year sank 72% to £848m, while bad debts rose 36% to £1.31bn as customers failed to repay loans.

Investment bank BNP Paribas tells investors they will not be able to take money out of two of its funds because it cannot value the assets in them, owing to a “complete evaporation of liquidity” in the market. The European Central Bank pumps €95 million into the banking market to try to improve liquidity.

Chancellor Alistair Darling warns that the economy is facing its worst crisis for 60 years in an interview with the Guardian newspaper, saying the current downturn would be more 'profound and long-lasting' than most had feared.

The new marking-to-market rules in 2008 had a significant impact on stock holdings and banks' capital ratios. This led to firms facing excess debt and capacity due to borrowing heavily during the bubble years.

Mortgage lenders Fannie Mae and Freddie Mac, which account for nearly half of the outstanding mortgages in the US, are rescued by the US government in one of the largest bailouts in US history.

The US government seizes Fannie Mae and Freddie Mac, putting the liability of more than $5 trillion of mortgages onto the backs of American taxpayers.

It is announced that Lehman Brothers will file for bankruptcy after the Federal Reserve Bank declined to participate in creating a financial support facility for Lehman Brothers. The significance of the Lehman Brothers bankruptcy is disputed with some assigning it a pivotal role in the unfolding of subsequent events.

Lehman files for bankruptcy and thousands of its employees are told it’s all over. This is the largest bankruptcy filing in the history of the United States.

Russian stock markets remain closed for a second day, causing panic in Asia. Central banks inject $180 billion into the international banking system to end the crisis. US Federal Reserve cuts its main interest rate for the first time since 2003.

Morgan Stanley and Goldman Sachs give up their status as investment banks and become traditional commercial banks, marking a dramatic change in the makeup of Wall Street.

The British government nationalizes troubled mortgage lender Bradford & Bingley, taking over the bank’s mortgage and loan books as turmoil from the US credit crisis spreads across Europe.

The US House of Representatives passes a $700 billion government plan to rescue the US financial sector, marking a significant step in addressing the global financial crisis.

The Federal Reserve, the Bank of England, and the European Central Bank all cut half a point off their key interest rates in response to the ongoing financial crisis, leading to significant market declines.

The IMF announces emergency plans to bailout governments affected by the financial crisis, while the Dow falls to a five-year low at 8,579 points.

A global rout starts in Asia as recession fears deepen, with the FTSE 100 plunging more than 10% to 3,932.1 points, representing the worst daily fall since the crash of 1987.

The G7 finance ministers and the IMF meet in Washington and put together a five-point plan, which includes spending billions of taxpayers’ money to rebuild the global banking system and reopen the flow of credit.

Governments inject money into the financial system, increasing investor confidence resulting in stock rising. The Dow Jones rockets by 936 points to 9,387, the biggest one-day gain by points.

The US government unveils a $250 billion plan to purchase stakes in a wide variety of banks in an effort to restore confidence in the sector.

The FTSE suffers its fifth biggest fall in history, closing down 7.16% at 4,079.5, wiping out all of Tuesday’s gains. Meanwhile, in New York, the Dow Jones drops by 7.8%.

The Dow Jones Industrial Average makes strong gains of 401 points, while Japan’s Nikkei suffers its worst fall since 1987, and the FTSE 100 index slumps to 3,861.

French savings bank Caisse d’Epargne announces a loss of €600 million, while South Korea announces a $130 billion financial rescue package to stabilize its markets.

Details emerge that Dutch savings bank ING is to get a €10 billion capital injection from Dutch authorities, and Sweden’s government sets out its own bank rescue plan.

India’s Central Bank unexpectedly cuts its short-term lending rates in response to continued pressure from the global financial crisis, while the International Monetary Fund says more European banks may fail as private funding has become 'virtually unavailable'.

The governor of the Bank of England hints at fresh interest rate cuts, admitting that the U.K. economy is entering a recession, while BayernLB bank of Germany becomes the first to seek help from the federal government under a massive financial sector rescue plan.

The stricken American bank Wachovia reports the biggest quarterly loss of any bank since the onset of the credit crunch, with a deficit of $24 billion, and Pakistan seeks emergency bailout funds from the IMF.

Former Fed Chairman, Alan Greenspan, admits he had been 'partially wrong' in his hands-off approach towards the banking industry, and Daimler, maker of Mercedes cars, issues its second profits warning this year after third-quarter earnings plunged by two-thirds.

Shares and the pound slumped as official government figures confirmed that the U.K. economy was shrinking, and the Ukraine and Hungary seek $16.5 and $10 billion rescue packages respectively from the IMF.

US consumer confidence falls to a record low of 28 in October, while the Dow Jones Industrial Average index surges by 11 percent.

The US Federal Reserve cuts interest rates by half a point, trying to avert a prolonged economic downturn in the wake of the financial crisis, and the IMF, the EU, and the World Bank announce a massive rescue package for Hungary.

Deutsche Bank reported steep falls in pre-tax and net profits and a further series of write-downs in the third quarter, while Merrill Lynch chief resigns after the investment bank unveils a $7.9 billion exposure to bad debt.

Barclays says it will raise up to £7.3 billion, mainly from Middle East investors, who could end up owning nearly a third of the UK’s second largest bank, and the Bank of Japan cuts interest rates for the first time in seven years in response to the global crisis.

French bank Societe Generale sees net profit slump by 84% in the third quarter, hit by the credit crisis.

The Bank of England unexpectedly slashes interest rates from 4.5% to 3%, the lowest level since 1955, in an effort to stimulate the economy and mitigate the impact of the global financial crisis.

China announces a two-year $586 billion stimulus package to boost the economy by investing in infrastructure, social projects, and cutting corporate taxes, aiming to counter the economic slowdown and stabilize the financial situation.

The US Treasury announces an investment of $40 billion in preferred stock of AIG, adjusting the terms of the existing credit line and its amount, aiming to stabilize the financial situation and prevent further economic turmoil.

US Treasury Secretary Henry Paulson scraps the original Troubled Asset Relief Program (TARP) and announces a shift in focus to consumer lending, aiming to relieve pressure on consumer credits and stabilize the financial system.

Leaders agree to cooperate with respect to the global financial crisis and issue a statement regarding immediate and medium-term goals and actions considered necessary to support and reform the international economy, setting forth a road map of proposed reforms.

The Group of 20 leaders pledge short-term measures such as fiscal stimulus to prevent the global economy from falling into a deep slump and promise to look at ways to tighten regulations to prevent future crises, aiming to stabilize the global financial situation.

The first modern economy, Japan, officially enters into a recession with a decline in Q3 GDP results, signaling the impact of the global financial crisis on the Japanese economy.

The Dow Jones Industrial Average falls sharply by 427.47 points, closing below 8,000 points for the first time since March 2003, reflecting the deepening impact of the global financial crisis on the US financial market.

The Dow Jones Industrial Average plunges another 445 points, closing at 7,552, its lowest point in six years, reflecting the continued turmoil in the US financial market due to the global financial crisis.

Citigroup is bailed out in an asset-relief package worth $306 billion and a further $20 billion recapitalization, aiming to stabilize the troubled banking giant and prevent further financial turmoil.

The US Treasury invests $20 billion in Citigroup in return for preferred shares, and guarantees up to $306 billion of risky loans and securities on Citigroup's books, aiming to stabilize the troubled banking giant and prevent further financial crisis.

The International Monetary Fund (IMF) approves a $7.6 billion loan for Pakistan to shore up the country's economy and avoid defaulting on international debt, aiming to prevent further economic deterioration.

The European Commission unveils an economic recovery plan worth €200 billion to save millions of European jobs, aiming to stimulate spending and boost consumer confidence during the global financial crisis.

The Spanish government announces an €11 billion stimulus package aimed at creating 300,000 jobs and cushioning the Spanish economy from the global crisis, aiming to mitigate the impact of the global financial crisis on the Spanish economy.

South Korea prepared fresh actions to help protect its banks from the havoc of the global financial crisis and tapped a $30 billion swap line with the U S Federal Reserve to bring in dollars.

The US recession is confirmed by the National Bureau of Economic Research, concluding that the US economy started to contract in December 2007.

Around 10,000 savers are to be rescued by a UK compensation scheme after London Scottish Bank became the first British bank in the current economic crisis to go into administration. Markets around the world dropped Tuesday, a day after the Dow Jones Industrial Average dropped 7.70 per cent.

The European Central Bank, as well as central banks in England, Sweden, and Denmark, slash interest rates again in an effort to prevent a looming recession. The eurozone officially entered recession in the third quarter.

US employers shed more than half a million jobs in November, the worst monthly showing in 34 years.

The German parliament completes passage of a €31 billion ($39.6 billion) stimulus program, while Sweden announces an 8.3 billion kronor ($1.01 billion) stimulus package.

HSBC Holdings has created a $5 billion global working capital fund for small and medium-sized businesses to help them weather the credit crisis.

The Bank of Canada lowered its benchmark interest rate by more than anticipated to a half-century low and signaled more action may be needed as economic growth sputters amid a broader and deeper global slump.

A $14bn (£9.4bn) bailout deal for the US car industry has failed to get Senate support, raising fears of job cuts and a possible industry collapse.

The falling value of sterling means some are getting less than a euro for every pound when changing money. The Irish government is to provide a fund of £9bn (€10bn) to recapitalize all its listed banks.

The International Monetary Fund has said the global economy may not begin to recover until the end of 2009.

The US Federal Reserve has slashed its key interest rate from 1% to a range of between zero and 0.25% as it battles the country's recession.

German business confidence dropped sharply in December to its lowest level in 18 years, according to a business index from the Ifo research institute.

On December 19, 2008, President George W Bush announced that the US government would use up to $17.4bn of the $700bn meant for the banking sector to help the Big Three US carmakers, General Motors, Ford, and Chrysler. This aid was provided to support the struggling automotive industry during the global financial crisis.

On December 24, 2008, the Federal Reserve Board approved the applications of GMAC LLC and IB Finance Holding Company, LLC (IBFHC) to become bank holding companies. This action was taken in response to 'unusual and exigent circumstances affecting the financial markets' during the global financial crisis.

On December 31, 2008, the FTSE 100 closed down by 31.3% since the beginning of 2008, marking the biggest annual fall in the 24 years since the index was started. This significant decline reflected the impact of the global financial crisis on the stock market.

On January 5, 2009, the Federal Reserve Bank of New York initiated the purchase of fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. This program was part of the efforts to stabilize the housing market and address the effects of the global financial crisis.

On January 7, 2009, the non-partisan Congressional Budget Office (CBO) projected that the sharp slowdown in the US economy would push the federal budget deficit to more than $1 trillion. This was a significant economic concern during the global financial crisis.

On January 9, 2009, it was reported that more US workers lost jobs in 2008 than in any year since World War II, with employers axing 2.6 million posts and 524,000 in December alone. This highlighted the severe impact of the global financial crisis on employment.

On January 13, 2009, the World Economic Forum warned that a severe economic slowdown in China posed one of the biggest risks faced by the world. This assessment reflected the global economic concerns during the financial crisis.

On January 14, 2009, Deutsche Bank issued a profits warning, reporting an estimated loss of €4.8bn in the fourth quarter of 2008. This announcement underscored the challenges faced by financial institutions during the global financial crisis.

On January 19, 2009, the government of Prime Minister Gordon Brown announced a new bailout for the British financial system, increasing its control over lenders and offering banks insurance on troubled assets. This reflected the ongoing efforts to address the impact of the global financial crisis on the banking sector.

The Bank of Canada cuts its key interest rate by a half a percentage point to a 50-year low of 1% and predicts a period of falling prices as an economic recession takes hold. This decision reflects the global financial crisis and the efforts to stimulate the economy.

Unemployment in the UK leapt closer to the 2 million level in the three months to November, pushing the jobless total to its highest since September 1997. This reflects the impact of the global financial crisis on the UK economy.

Microsoft announces it will cut up to 5,000 jobs over the next 18 months, including 1,400 immediately. This decision is a response to the economic slowdown caused by the global financial crisis.

Samsung Electronics, the world's biggest chip-maker, records its first ever quarterly loss. This reflects the impact of the global financial crisis on the electronics industry.

Philips cuts 6,000 jobs after reporting its first loss in five years. This decision is a response to the economic challenges posed by the global financial crisis.

Germany predicts that its economy will shrink by 2.25% in 2009, which would be its worst performance in the post-World War II era. This reflects the severe impact of the global financial crisis on the German economy.

Ford Motor Company reports a $14.6 billion loss in 2008, the worst annual result in its 105-year history. This reflects the significant challenges faced by the automotive industry during the global financial crisis.

The US economy slows at the fastest pace in 26 years, indicating the severity of the global financial crisis and its impact on the world's largest economy.

France unveils a series of measures worth €26bn designed to revitalize the French economy. This reflects the government's response to the economic challenges posed by the global financial crisis.

Australia announces a 42bn Australian dollar stimulus plan, targeting infrastructure and those on low incomes, in response to the global financial crisis and its impact on the Australian economy.

Japanese electronics group Panasonic announces plans to cut 15,000 jobs and close 27 plants worldwide as it seeks to reduce costs amid the global financial crisis.

Deutsche Bank reports an annual loss last year, its first since being restructured after World War II. This reflects the unprecedented challenges faced by the banking sector during the global financial crisis.

Nissan announces plans to cut 20,000 jobs worldwide, reflecting the significant impact of the global financial crisis on the automotive industry.

Credit Suisse reports a record full-year loss of 8.2bn Swiss francs after suffering losses at its investment bank in 2008. This reflects the challenges faced by the banking sector during the global financial crisis.

On February 13, 2009, Congress approved a $787 billion economic stimulus measure, a centerpiece of President Obama's early agenda. The bill was passed to address the economic crisis and was met with partisan divisions in Washington.

The Euro zone economy registered a grim performance with a 5.9% annualized GDP shrink in the fourth quarter, putting pressure on governments and central banks to address the economic downturn.

India's government announced that its budget deficit would surge, calling the situation worrying, indicating the global impact of the financial crisis.

US President Barack Obama signed the $787 billion economic stimulus plan in Denver after Congress approved the package. This was a significant step to address the economic crisis.

The US Federal Reserve cut its economic forecasts for 2009 and considered setting an inflation target, reflecting the severity of the economic downturn.

The head of the International Monetary Fund (IMF) told the BBC that he expects more countries to request financial aid to survive the global slowdown, indicating the widespread impact of the financial crisis.

Mining giant Anglo American announced it would cut an additional 9,000 jobs as the global economic downturn hit demand for raw materials, reflecting the impact of the crisis on the mining industry.

European leaders in Berlin agreed on the need to regulate all financial markets, including hedge funds, in response to the global financial crisis.

The French government announced it would inject up to €5 billion into the bank formed from the merger of Caisse d’Épargne and Banque Populaire, indicating efforts to stabilize the banking sector amid the financial crisis.

Fed Chairman Ben Bernanke stated that the recession would extend through the year, signaling the prolonged impact of the global financial crisis on the US economy.

Part-nationalized British banking group RBS announced massive losses for 2008, totaling $34.6 billion, marking the worst results in British corporate history and reflecting the severity of the financial crisis.

The US government announced plans to boost its control over Citigroup by converting up to $25 billion in government-held preferred shares in the bank to common equity, indicating the extensive intervention in the banking sector due to the financial crisis.

The crisis-stricken insurance company AIG crashed to the biggest corporate loss in US history, with a deficit of $61.7 billion, reflecting the widespread impact of the financial crisis on the insurance sector.

Most Asian stock markets extended their slump after troubles at financial giants like American International Group (AIG) and HSBC, reflecting the global impact of the financial crisis on stock markets.

Japan's parliament passed legislation to give a cash hand-out to every resident in an attempt to boost the recession-hit economy, reflecting the government's response to the economic downturn.

On March 5, 2009, the Malaysian government unveiled plans to spend another 10bn ringgit in an attempt to revive the nation's economy. The Bank of England and the European Central Bank also took measures to boost their respective economies.

On March 6, 2009, the US jobless rate jumped to 8.1%, and European banks like Fortis Bank reported bigger-than-expected losses. This added to the economic challenges faced during the global financial crisis.

On March 9, 2009, the Asian Development Bank reported that the financial crisis wiped $50 trillion off the value of financial assets in the previous year. This marked a significant impact of the crisis on global financial markets.

On March 10, 2009, global economic leaders warned that the world economy is likely to shrink for the first time in decades. Additionally, Malaysia unveiled a 60bn ringgit economic stimulus plan to counter the deep recession.

On March 11, 2009, Chinese exports plunged by more than a quarter, while European markets surged ahead after news of Citigroup making a profit in the first two months of 2009. This reflected the global impact of the financial crisis.

On March 12, 2009, German factory output fell by a record 7.5%, while US carmaker General Motors announced it would not need the $2bn of funding it had previously requested for March. These events highlighted the challenges faced by the global economy.

On March 13, 2009, the White House sought to assure China about its investments in the United States, while Australia's second largest investment bank, Babcock & Brown, went into administration due to its massive debt levels.

On March 18, 2009, the US Federal Reserve announced a plan to buy almost $1.2 trillion worth of debt to promote economic recovery. Additionally, the World Bank cut its prediction for China's economic growth, reflecting the global impact of the crisis.

On March 19, 2009, US lawmakers voted in favor of a bill to levy a 90% tax on big bonuses from firms bailed out by taxpayers. Additionally, the G20 summit was close to agreement on new, tougher principles to regulate the world's financial system.

On March 20, 2009, Eurozone industrial output plunged by 3.5%, and the US budget deficit was estimated to hit a record $1.8tn. These events reflected the severe economic challenges faced during the global financial crisis.

On March 22, 2009, a key adviser within US President Barack Obama's administration expressed confidence in the US economy's recovery within 12 months, providing a glimpse of hope amid the ongoing crisis.

On March 23, 2009, the US announced a plan to buy up to $1 trillion worth of toxic assets to repair banks' balance sheets. Additionally, the Daily Mail and General Trust announced 1,000 job cuts due to the advertising slump.

On March 24, 2009, the International Air Transport Association forecasted airlines' losses to be $4.7bn, and Bank of China reported a 58% fall in net profits during the October to December quarter. These events reflected the widespread impact of the crisis.

On March 26, 2009, Google planned to cut nearly 200 marketing and sales jobs, while the Irish Republic's economy suffered its largest contraction in recent decades. These events reflected the global economic challenges faced during the crisis.

On March 27, 2009, Japan's retail sales saw their biggest fall in seven years, and New Zealand's economy shrank at its fastest rate in 17 years. These events highlighted the widespread impact of the crisis on different economies.

On March 29, 2009, France's biggest carmaker, PSA Peugeot Citroen, sacked its chairman weeks after announcing huge losses and a massive program of job cuts, reflecting the challenges faced by the automotive industry during the crisis.

On March 30, 2009, US President Barack Obama gave strict deadlines to US carmakers to restructure before getting more aid, reflecting the challenges faced by the automotive industry. Additionally, financial challenges were evident worldwide, including in Spain and Russia.

In March 2009, Germany's unemployment rate rose to 8.6% as the global economic downturn continued to tighten its grip. Japan also saw a rise in unemployment to a three-year high, and the Irish Republic's top sovereign credit rating was cut by Standard & Poor's.

Unemployment across the eurozone rose to its highest level in almost three years in February 2009. Additionally, France and Germany called for tougher regulation for the world's financial system at the G20 summit.

Swiss Re planned to cut 10% of its workforce, or 1,150 jobs, over the next year to reduce costs. Leaders of the world's largest economies announced an agreement worth around $1.1 trillion to tackle the global financial crisis.

The US dollar rose briefly above 100 yen in Asian trading on Friday, the first time it had done so since early November 2008. UK house prices fell by 1.9% in March compared with the previous month, according to the Halifax.

Japan implemented another fiscal stimulus plan of more than 10tn yen to fight the recession. February's fall in eurozone retail sales was unexpectedly severe amid shrinking consumer spending.

The eurozone economy shrank more than previously estimated in the last three months of 2008, according to official figures.

The Indian central bank cut a key interest rate as it aimed to boost the economy, which was slowing in the face of the global economic recession.

The German government said the country's economy would shrink 6% that year, in a dramatic revision to its earlier forecast of a 2.25% decline. The US economy continued to contract in the first quarter of 2009, led by the biggest fall in exports for 40 years.

Unemployment across the 27 EU member states reached 20 million in March. US carmaker Chrysler filed for Chapter 11 bankruptcy protection and formed an alliance with Fiat.

Japan's economy fell back into deflation for the first time in more than a year. EU economies were forecasted to contract by 4% in 2009, more than twice what was predicted at the start of the year.

German car sales climbed 19% in April compared with the same time a year ago. General Motors' European plants were in peril over Fiat bid.

Carmaker Porsche proposed closer ties with fellow German manufacturer Volkswagen Group after weeks of talks between the two firms' management.

The European Central Bank (ECB) cut interest rates in the eurozone to a record low of 1%. The Bank of England kept interest rates on hold at 0.5% and announced that it would inject an extra £50bn into the UK economy.

US bank Wells Fargo planned to raise $7.5bn from selling new shares, a day after the US Treasury said 10 banks needed to boost reserves. Germany's Commerzbank reported further losses as it struggled to recover from the impact of the global financial crisis.

Celebrated US financier Warren Buffett saw his investment firm report its first loss in eight years due to a badly-timed purchase of oil stocks.

Four more of the largest US banks announced plans to sell shares in a bid to boost their capital and repay money from the government bailout. HSBC described its three-month results as 'encouraging', although its bad debt provisions had risen.

Electronics maker Hitachi reported a record annual loss for a Japanese manufacturer, after demand for its products fell. The number of people out of work in the UK rose to 2.22 million in the first three months of 2009.

Retail sales in the US fell 0.4% in April, according to official figures from the Commerce Department, which were much worse than had been expected. The German cabinet agreed on a 'bad bank' scheme to enable the country's lenders to remove remaining toxic assets from their balance sheets.

Electronics giant Sony reported its first annual loss in 14 years, after being hit by a big drop in sales. Spain's economy suffered its largest contraction in 50 years in the first three months of 2009, preliminary estimates showed.

General Motors announced plans to close up to 1,100 of its dealerships in the US as part of its cost-cutting measures to avoid bankruptcy. This decision reflected the severe impact of the global financial crisis on the automotive industry.

Ford and Honda delayed their participation in the UK car scrappage scheme due to unresolved matters, reflecting the challenges faced by the automotive industry during the global financial crisis.

German investor confidence rose for the seventh consecutive month, signaling a potential improvement in Germany's recession amid the global financial crisis.

Japan's economy shrank at its quickest pace since records began, driven by a significant slump in exports, reflecting the severe impact of the global financial crisis on the Japanese economy.

Mexico's economy shrank by 8.2% in the first three months of 2009, reflecting the substantial impact of the global downturn on the country's exports.

British Airways announced the biggest loss since the company was privatized in 1987, highlighting the severe impact of the global financial crisis on the aviation industry.

President Barack Obama expressed hope that US carmakers would emerge 'leaner and meaner' from their financial troubles, reflecting the significant challenges faced by the automotive industry during the global financial crisis.

The US economy shrank in the first three months of 2009 at a slower pace than originally estimated, indicating the ongoing impact of the global financial crisis on the world's largest economy.

General Motors filed for bankruptcy protection, marking the biggest failure of an industrial company in US history, reflecting the profound impact of the global financial crisis on the automotive industry.

Brazil went into recession after its economy contracted by 0.8% in the first three months of 2009, reflecting the widespread impact of the global financial crisis on emerging economies.

Latvia's prime minister claimed to have saved the country from bankruptcy, indicating the severe impact of the global financial crisis on the Baltic nation's economy.

Chinese President Hu Jintao announced that China will extend a $10bn loan to Russia and four Central Asian states to help them in the financial crisis. This demonstrates China's increasing influence in the global financial landscape.

The US government announced a major reform of banking regulation to prevent future financial crises. This reflects the efforts to strengthen the financial system after the 2008 global financial crisis.

Inflation in India turned negative for the first time in more than 30 years, indicating the impact of the global financial crisis on the Indian economy.

Thailand's exports slumped by more than a quarter in May, a record fall, as demand for Thai goods overseas continued to drop during the downturn. This reflects the challenges faced by emerging economies during the global financial crisis.

The president of the European Central Bank warned that governments heavily borrowing to fight the economic crisis should not accumulate any more debt. This highlights the concerns about the long-term impact of increased government debt during the global financial crisis.

The World Bank projected that the economies of developing countries are expected to grow by just 1.2% in 2009, compared with higher growth rates in previous years. This reflects the significant impact of the global financial crisis on developing economies.

A total of 55 firms who responded to a survey intend to freeze their final-salary pension scheme for existing members within the next five years. This reflects the impact of the global financial crisis on pension schemes and retirement benefits.

The Organisation for Economic Cooperation and Development stated that the world economy is near the bottom of the worst recession in post-war history. This reflects the severity of the global financial crisis and its impact on the global economy.

France saw its unemployment total grow by 36,400 in May, with young jobseekers suffering the biggest rises. This reflects the widespread impact of the global financial crisis on employment in developed economies.

China's central bank reiterated its call for a new reserve currency to replace the US dollar. This reflects the shifting dynamics in the global financial system and the impact of the global financial crisis on the US dollar's status as the primary reserve currency.

There are signs that the financial services sector is emerging from the worst of the downturn, according to a quarterly survey from the CBI. This indicates the gradual recovery of the financial sector from the impact of the global financial crisis.

The UK economy contracted 2.4% in the first quarter of 2009, a decline not exceeded in 51 years, according to the latest official data. This demonstrates the severity of the economic downturn caused by the global financial crisis.

UK manufacturing activity shrank at its slowest pace for a year in June, indicating the ongoing challenges faced by the manufacturing sector during the global financial crisis.

The number of jobs lost in the US came in at 467,000, reflecting the ongoing impact of the global financial crisis on employment. India could achieve growth of 7% in the current year and more in coming years if the right reforms are made, indicating the potential for economic recovery amidst the global financial crisis.

Retail sales in countries that use the euro fell more than expected in May, a further sign that consumers are still limiting their spending amidst the global financial crisis.

Venezuela has taken formal control of its third largest bank, the previously Spanish-owned Banco de Venezuela. This reflects the impact of the global financial crisis on the banking sector in Venezuela.

India's government unveiled its annual budget, emphasizing the need to return to a growth rate of 9% a year amidst the global financial crisis. China has begun a trial scheme that allows trade with its neighbors to be settled with its own currency, the yuan, also known as the renminbi, reflecting the efforts to diversify trade and reduce reliance on traditional currencies during the global financial crisis.

The level of people falling behind with consumer loans in the US hit a new high in the first three months of 2009, reflecting the financial challenges faced by consumers during the global financial crisis. The British Chambers of Commerce business group stated that the worst of the UK's recession is over, indicating cautious optimism amidst the global financial crisis.

The International Monetary Fund projected that worldwide economic growth is expected to recover to 2.5% in 2010, indicating cautious optimism for global economic recovery amidst the global financial crisis. The UK announced tougher regulation for banks and more consumer protection, reflecting the efforts to strengthen the financial system after the 2008 global financial crisis.

The Bank of England's interest rate setters kept the cost of borrowing unchanged at 0.5% for the fourth month in a row, reflecting the ongoing efforts to manage monetary policy amidst the global financial crisis. German exports rose 0.3% in May from the month before, raising hopes of a tentative economic recovery amidst the global financial crisis.

General Motors emerged from bankruptcy protection after creating a 'new GM' made up of the carmaker's best assets, reflecting the restructuring efforts in the automotive industry amidst the global financial crisis. Wholesale prices in Japan fell at their fastest pace to date in June, raising further fears about deflation returning amidst the global financial crisis.

US President Barack Obama stated that new figures on the American economy indicate progress is being made in tackling the country's problems, reflecting the ongoing efforts to address the impact of the global financial crisis. British Airways reported a pre-tax loss of £148m in the three months to the end of June, indicating the challenges faced by the aviation industry amidst the global financial crisis.

Barclays announced an 8% rise in first-half profits, reflecting the resilience of the banking sector amidst the global financial crisis. Banking group HSBC saw pre-tax profits halve to $5bn in the first six months of 2009, indicating the challenges faced by global banks amidst the global financial crisis.

US consumer spending climbed for the second consecutive month in June, despite growing unemployment and falling personal income, indicating the resilience of consumer spending amidst the global financial crisis. Lloyds Banking Group announced a £4bn loss in the first half of 2009, reflecting the challenges faced by the banking sector amidst the global financial crisis.

Shares in Lloyds Banking Group surged by 11% despite its announcement of a £4bn loss in the first half of 2009, indicating investor optimism amidst the challenges faced by the banking sector during the global financial crisis. Cathay Pacific reported a profit for the first half of the year, reflecting the resilience of the aviation industry amidst the global financial crisis.

The Bank of England decided to inject another £50bn of new money into the economy through quantitative easing, aiming to stimulate economic growth and combat the effects of the financial crisis.

Official figures show that German exports rose by 7% in June, indicating a strong recovery in Europe's biggest economy after nearly three years of slow growth.

Car sales in India increased by almost a third, driven by new launches and lower interest rates, reflecting a boost in consumer confidence and economic activity.

China's economy showed signs of improvement with rising annual growth rates in industrial output and retail sales, indicating a positive trend in the world's second-largest economy.

The Federal Reserve suggested that the worst of the US recession was over, providing a positive outlook for the world's largest economy amid the ongoing financial crisis.

The French and German economies both grew by 0.3% between April and June, signaling the end of year-long recessions in Europe's largest economies and providing hope for the region's economic recovery.

The economy of Hong Kong emerged from recession, posting growth of 3.3% in the three months from April to June, indicating a positive turnaround in the region's economic performance.

Japan came out of recession after its economy grew by 0.9% in the April-to-June quarter, signaling a positive trend in the country's economic recovery amid the global financial crisis.

China reduced its holdings of US government debt by the largest margin in nearly nine years in June, reflecting shifting global economic dynamics and impacting the US financial markets.

The Governor of the Bank of England, Mervyn King, wanted to inject more money into the UK economy, indicating the central bank's efforts to stimulate economic growth and combat the effects of the financial crisis.

Germany announced its willingness to provide a €4.5bn loan to carmaker Opel, demonstrating government support for the automotive industry amid the global financial crisis and its impact on the sector.

World stock markets rose after US central bank chief Ben Bernanke indicated that the world's biggest economy was nearing the start of a recovery, providing a positive outlook for global financial markets amid the ongoing crisis.

Asian shares rose sharply, boosted by comments from Federal Reserve chief Ben Bernanke about the approaching recovery of the US economy, indicating positive sentiment in global financial markets amid the ongoing crisis.

The rate of contraction of the UK economy in the three months from April to June was reduced, indicating a potential slowdown in the economic downturn amid the ongoing global financial crisis.

Finance ministers from the world's most powerful economies agreed on a series of measures to regulate the global banking system, aiming to strengthen supervision and stability in the banking industry amid the ongoing global financial crisis.

According to a report from the World Economic Forum, Switzerland has overtaken the United States as the world's most competitive economy. This indicates a significant shift in global economic dynamics.

Former Federal Reserve chief Alan Greenspan has warned the world about the possibility of another financial crisis. This statement has significant implications for global economic stability and policy making.

The world's largest economies have collectively spent a substantial amount per person in an effort to address the financial meltdown. This reflects the magnitude of the global economic crisis and the measures taken to mitigate its impact.

The latest forecast from the European Commission indicates that the eurozone is emerging from recession. This is a significant development in the context of the global economic recovery.

Federal Reserve chairman Ben Bernanke has stated that the US recession is probably over but the economy will remain weak due to unemployment. This assessment has implications for global economic outlook and policy making.

The Bank of Japan has given an upbeat assessment of the Japanese economy and hinted at the withdrawal of some emergency support measures. This indicates a positive turn in the economic situation of Japan.

The US Federal Reserve has stated that economic activity is picking up, but it expects to keep interest rates close to zero for an extended time. This reflects the ongoing efforts to stimulate the US economy amidst the global financial crisis.

The International Monetary Fund has stated that the global economy is expanding again and financial conditions have improved significantly. This assessment is crucial in understanding the trajectory of the global economic recovery.

The head of the World Bank has stated that US economic power is declining as a result of the financial crisis. This observation has implications for the global economic order and power dynamics.

Gordon Brown has proposed to reduce the rising budget deficit by raising £16bn from the sale of assets, amid tax rises and spending cuts. This plan aims to address the economic challenges faced by the UK at that time.

A leading business group has cast doubt on whether the UK economy emerged from recession in the third quarter of 2009. This indicates the uncertainty and challenges in the UK's economic recovery during that period.

Chinese official export figures for September have suggested improvements in economies in the rest of the world. This indicates the interconnectedness of the global economy and the impact of China's export performance on the global economic recovery.

The European Union and South Korea have signed a trade deal that could be worth up to €19bn to European exporters. This signifies a significant trade agreement that could impact the global economy and trade relations.

Google has reported its highest quarterly profit, suggesting that the internet advertising market is bouncing back from the recession. This reflects the resilience and recovery of the technology and advertising sectors from the global financial crisis.

The Icelandic government has come to a new agreement with the governments of the Netherlands and the UK over the repaying of $5bn. This signifies a significant development in the resolution of financial issues related to the global financial crisis.

The Sri Lankan stock market has fallen sharply after the arrest of a Sri Lankan billionaire hedge fund manager in New York on insider trading charges. This reflects the impact of legal and financial issues on the global financial markets.

The number of new houses being built in the US raised concerns about the strength of the US recovery. This indicates the challenges and uncertainties in the US housing market during the global financial crisis.

The International Monetary Fund has warned Asian nations not to withdraw their stimulus spending too soon. This reflects the cautionary advice given by the IMF to address the economic impact of the global financial crisis in Asia.

President Barack Obama has welcomed plans to force some companies which accepted government aid during the financial crisis to cut executive pay. This reflects the government's efforts to address public concerns about executive compensation during the global financial crisis.

The UK economy unexpectedly contracted by 0.4% between July and September, according to official figures, meaning the country is still in recession. This indicates the ongoing challenges and setbacks in the UK's economic recovery during the global financial crisis.

Caterpillar, the world's largest construction and mining equipment maker, says it will permanently cut 2,500 jobs in the US. This reflects the impact of the global financial crisis on the manufacturing and employment sectors.

Oil giant BP has reported third-quarter profits well ahead of expectations, sending its share price up 5%. This reflects the resilience and recovery of the oil industry from the global financial crisis.

Steel giant ArcelorMittal has reported a profit for the July to September quarter, ending a run of three consecutive quarterly losses. This reflects the recovery and turnaround of the steel industry from the global financial crisis.

The US economy grew at an annual pace of 3.5% between July and September, its first expansion in more than a year. This signifies a significant milestone in the US economic recovery from the global financial crisis.

Unemployment levels across the 16 countries that use the euro rose to 9.7% in September, the highest rate since January 1999. This reflects the ongoing challenges and impact of the global financial crisis on the eurozone's labor market.

The US lender, CIT Group, has filed for bankruptcy protection, after a debt-exchange offer to bondholders failed. This reflects the financial struggles and challenges faced by institutions during the global financial crisis.

Irish budget airline Ryanair has threatened to stop expanding its business if it does not get a better deal on new aircraft from Boeing. This could have significant implications for the airline industry and the competition between aircraft manufacturers.

The European Central Bank has kept interest rates on hold at a record low of 1% for the sixth month in a row. This decision has implications for the European and global financial markets, affecting borrowing costs and economic growth.

The unemployment rate in the US rose to 10.2% in October, reaching its highest rate since April 1983. This significant increase in unemployment has implications for the US economy and global economic stability.

The price of gold has touched a new all-time high, indicating a shift in investor preferences amid concerns about the weakening dollar. This has implications for global currency markets and economic stability.

The eurozone economy has emerged from recession after growing between July and September, indicating a positive turn in the European economic landscape. This has implications for the stability of the euro and global financial markets.

European shares have been hit by concerns over Dubai's financial health, after a government-owned company asked for an extension on repaying its debts. This has implications for the stability of the Middle Eastern financial markets and global investor confidence.

Japan has agreed on a 7.2 trillion yen stimulus plan to prevent the country's economy from slipping back into recession.

Spain has had its credit outlook cut to negative from stable by the ratings agency Standard & Poor's.

Greece's debt has reached the highest level in its modern history, as stated by the country's deputy finance minister Philipp os Sachinidis.

The US House of Representatives has approved the most sweeping changes to the country's financial sector since the Great Depression of the 1930s.

Dubai's government has announced it has been given a $10bn handout from United Arab Emirates neighbor Abu Dhabi to help it pay off its debts.

US producer prices rose more than expected in November, led by a big increase in the cost of petrol, according to official figures.

The number of people unemployed in the UK rose by 21,000 between August and October to 2.49 million.

The US Treasury Department announces the removal of caps on the amount of preferred stock that the Treasury may purchase in Fannie Mae and Freddie Mac to ensure that each firm maintains a positive net worth.

The Federal Reserve releases an advisory reminding depository institutions of supervisory expectations for sound practices in managing interest rate risk.

The Federal Reserve offers $75 billion in 28-day credit through its TAF to depository institutions eligible to borrow under the primary credit program.

Reserve Board announces preliminary unaudited results indicating that the Reserve Banks transferred approximately $46.1 billion of their estimated 2009 net income of $52.1 billion to the US Treasury.

The Financial Crisis Inquiry Commission holds its first public hearing in Washington, D.C.

President Obama proposes new restrictions on the trading activities and market shares of commercial banks, including prohibiting banks from owning, investing in, or sponsoring hedge funds, private equity funds, or proprietary trading operations for their own profit.

Germany's recovery from recession faltered in the final quarter of 2009, according to preliminary figures released on Friday.

The Federal Reserve announces that it has unanimously approved several modifications to the terms of its discount window lending programs.

The International Monetary Fund has cut its 2010 growth projection for the German economy.

The Federal Reserve Bank of New York releases additional information on the three Maiden Lane limited liability companies formed to facilitate the merger between JPMorgan Chase and Bear Stearns and to facilitate the government's financial support of American International Group.

Debt-laden Greece asks for more talks about a financial rescue plan put together by eurozone countries and the International Monetary Fund.

The Reserve Bank of India raises key interest rates by a quarter of a percentage point in an attempt to curb near double-digit inflation.

The International Monetary Fund predicts that the global economy will grow a faster than expected 4.2% this year.

Greece had a far larger budget deficit than expected last year, and the figures may yet get worse, according to the European Union's statistics office. Russia raises $5.5bn in its first international debt sale since it defaulted in 1998.

The UK economy continued to recover from recession in the first three months of the year, according to official estimates.

Freddie Mac reports a net loss of $6.7 billion in the first quarter of 2010 and requests $10.6 billion from the U.S. Treasury on the company's behalf.

The Federal Reserve re-establishes temporary reciprocal currency arrangements with several central banks in response to the re-emergence of strains in U.S. dollar short-term funding markets in Europe.

Fannie Mae reports a net loss of $11.5 billion in the first quarter of 2010 and requests $8.4 billion from the Treasury.

The Federal Reserve publicly releases the text of three agreements with foreign central banks to re-establish temporary dollar swap facilities and announces that it would disclose information weekly on use of the swap lines by each of the counterparty central banks.

The U.S. Treasury Department announces the sale of 1.5 billion shares of its holdings of Citigroup common stock.

US home loan giants Fannie Mae and Freddie Mac cease trading on the New York Stock Exchange.

The US economy sheds another 54,000 jobs in August, the third month in a row that jobs have been lost, according to Labor Department figures.

The US economy grew at an annualised rate of 1.7% between April and June, up from a previous estimate of 1.6%, according to the US Commerce Department.

The US dollar reaches another fresh 15-year low against the Japanese yen at the end of trading in Tokyo.

The People's Bank of China surprises markets by announcing it was raising interest rates for the first time in nearly three years.

The US economy grew at an annualised rate of 2% in the July-to-September period, an acceleration on the previous quarter, according to official figures.

The Irish government says it has applied for tens of billions of euros in aid from the European Union and the International Monetary Fund.

Europe seals a €67.5 billion bailout of Ireland and for the first time crafts a blueprint for rescues from 2013 on that could have private-sector creditors bearing.

The cost of borrowing for Spain, Italy, and Belgium continued to increase as worries over the eurozone debt crisis persisted. The eurozone's unemployment rate hit 10.1% in October, with varying jobless rates across different countries.

European Union states underwrote their financial sectors with 4.5 trillion euros since the banking crisis hit. Spain announced plans to sell off stakes in the country's airport authority and national lottery to improve public finances.

Angela Merkel warned that Germany could abandon the euro, indicating the severity of the eurozone crisis.

Greece sought a longer repayment period for its 110 billion euro IMF bailout loan as austerity measures took a toll on the economy.

Iceland exited recession with a 1.2% growth in the third quarter, indicating a positive turnaround after the banking system's collapse.

EU leaders agreed to set up a permanent mechanism to bail out any member state whose debt problems threatened the eurozone, marking a significant development in addressing the crisis.

The standard rate of VAT in the UK rose from 17.5% to 20% as part of the government's efforts to boost tax revenues and cut the deficit.

Portugal asked for a financial bailout from the European Union, signaling the deepening of the eurozone crisis.

On 9 May 2011, Standard and Poor's cuts Greece's credit rating further into junk territory to B, one notch above Pakistan's.

On 11 May 2011, EU and IMF inspectors arrive in Athens to press Greece to shore up its finances and determine if the debt-choked country will get a fifth aid tranche of 12 billion euros. About 20,000 protesters march to parliament to mark a nationwide strike against wage cuts and tax hikes, a number smaller than previous protests.

On 16 May 2011, the Eurozone leaders officially approved a €78 billion bailout package for Portugal. The bailout loan will be equally split between the European Financial Stabilisation Mechanism, the European Financial Stability Facility, and the International Monetary Fund. Portugal became the third Eurozone country, after Ireland and Greece, to receive a bailout package.

Papandreou and senior ECB officials urge Greece to avoid debt restructuring and push on with budget cuts and privatizations to overcome its debt crisis.

Greece unveils a series of privatizations, part of a goal to raise 50 billion euros by 2015 to pay down its debt.

Moody's slashes Greece's credit rating by three notches to deep into junk territory.

Greece agrees to 6.48 billion euros of extra austerity measures for 2011 and savings up to 2015 to cut deficits and keep getting aid, an official document shows.

Leaders of the 17 Eurozone countries met in Brussels to discuss a package aimed at addressing the crisis. The package proposed a 50% write-off of Greek sovereign debt held by banks, a fourfold increase in bailout funds, an increased mandatory level of 9% for bank capitalization within the EU, and a set of commitments from Italy to reduce its national debt.

European markets have fallen following the announcement of a Greek referendum on the latest aid package to solve its debt crisis.

Former European Central Bank vice-president Lucas Papademos has been named as Greece's interim prime minister, following days of negotiations.