International Timeline Greenlaw

Kendall Jones, Sarah Restaino, Michael Warlick

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2007
Apr. 12, 2007 - U.S. company, New Century Financial which specialized in sub-prime mortgages filled for bankruptcy. New Century Financial had sold many of its sub-prime mortgages to foreign banks and investors. Collapse within the sub-prime market caused international banks to become affected.

Aug. 9, 2007 - French company, BNP Paribus tells investors they cannot take out money from its hedge funds because the value of their assets was undetermined due to a “complete evaporation of liquidity”

Aug. 10, 2007 - The European Central Bank injected 95b € into banks to improve liquidity. Over that next week, it added another 108.7b €.

Sep. 4, 2007 - LIBOR rate is 6.7975%, above the Bank of England's 5.75% base rate, costing banks more money to borrow from each other.

Sep. 13, 2007 - British bank, Northern Rock requested emergency financial support from the Bank of England.

'''Sep 14. 2007''' - Northern Rock experiences a bank-run, one of the largest in Britain in over a century. Depositors withdrew over 1b £ in one day.

Oct. 1, 2007- Swiss bank, UBS announced a 3.4b loss from subprime related investments

2008
Jan. 21, 2008 - known as Black Monday, global stock markets take huge plunges. The FTSE 100 index had its largest one-day points fall, European stocks closed with their worst Sep. 11, 2001 and Asian stocks drop as much as 15%.

Feb. 10, 2008 - Leaders from G7 recognize the potential global impact of the subprime market collapse could total up to $400b.

Feb. 22, 2008 - Northern Rock bank was nationalized by the British government.

Apr. 21, 2008 - Bank of England initiates plan to swap risky mortgage debts for UK government bonds totaling 50b £

Sep. 30, 2008 - Belgian bank, Dexia received bailouts from France, Belgium, and Luxembourg totaling 6.5b €

Oct. 6, 2008 - German Bundestag announces 50b € bailout of banking and financial sector- yet it could not save Germany’s largest real estate company Hypo Real Estate.

Oct. 7, 2008 - Iceland nationalized Landsbanki, along with its subsidiary in the UK, Icesave. Icelandic banks also begin to sell off their foreign assets.

Oct. 8, 2008 - The British government announced a massive plan which would inject 50 billion pounds (87 billion U.S. dollars) into its banks through the purchase of preferred shares.

Oct. 11, 2008 – Finance ministers and secretaries from the G7 announced five-point plan to stabilize financial system and ensure credit flows.

Oct. 12, 2008 - Leaders from the eurozone countries hammered out an action plan in a joint response to the unfolding financial crisis at their first ever summit in Paris.

Oct. 13, 2008 - German Chancellor Angela Merkel announced in Berlin a huge financial rescue plan worth close to 500 billion euros (about 685 billion U.S. dollars).

Oct 13, 2008 - The French government is to set aside up to 360 billion euros (490 billion U.S. dollars) to prevent its banks from falling prey to the current credit crisis.

Oct. 13, 2008 - The UK government announced that it would inject up to 37 billion pounds of taxpayers' cash into major banks -- Royal Bank of Scotland (RBS), Lloyds TSB and Halifax Bank of Scotland (HBOS).

Oct. 14, 2008 - U.S. President George W. Bush announced measures to implement a plan of action agreed by the Group of Seven (G7) major advanced countries and to strengthen the banking industry.

Oct. 14, 2008 - The European Union (EU) gave green light to British package to bail out its struggling banks and stabilize the financial markets.

Nov. 3, 2008 - Hungary receives 25b $ loan from IMF, EU, and World Bank

Nov. 6, 2008 - IMF issued 16.4b $ loan to the Ukraine. In addition, the ECB lowers interest rate to 3.25 from 3.75%.

Nov. 9, 2008 - China said on Sunday it will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program in a wide-ranging effort to offset adverse global economic conditions by boosting domestic demand.

Nov. 9, 2008 - China will take 10 major steps to stimulate domestic consumption and growth as it turns to an "active" fiscal policy and "moderately easy" monetary policy, an executive meeting of the State Council said on Sunday.

Nov. 14, 2008 - A senior Chinese planning official told reporters here on Friday that the new 4 trillion yuan (586 billion U.S. dollars) economic stimulus package includes 1.18 trillion yuan from the central government through 2010.

Nov. 14, 2008 - Eurozone is officially in recession, the economy shark 0.2% in the third quarter 2008.

Nov. 15, 2008 - Leaders from the world's major developed and emerging economies agreed in Washington on Saturday to undertake a coordinated action to tackle the ongoing global financial crisis and explore measures to prevent similar crisis in the future.

Nov. 17, 2008 - The Bush Administration said on Monday that it has provided 33.56 billion dollars to 21 U.S. banks under its 250 billion dollar purchase plan.

Nov. 18, 2008 - U.S. Treasury Secretary Henry Paulson expressed his reservations Tuesday to use the 700 billion dollar rescue package to help struggling auto makers.

Nov. 19, 2008 - The U.S. Federal Reserve on Wednesday lowered its forecasts for economic growth this year and next, acknowledging the possibility of a recession into 2009.

Nov. 20, 2008 - The U.S. Treasury Department announced Thursday that it agreed to assist with the liquidation of The Reserve Fund's U.S. Government Fund, due to unique and extraordinary circumstances.

Nov. 20, 2008 - Four fellow-Nordic countries will loan Iceland 2.5 billion U.S. dollars to help it cope with an acute financial crisis.

Nov. 20, 2008 - IMF issued a 2.1b $ loan to Iceland to stabilize its collapsing banking system

Nov. 24, 2008 - The Confederation of British Industry (CBI) unveiled its 10-point plan on Monday to keep business working, safeguard jobs and position the economy for recovery.

Nov. 24, 2008 - The U.S. government agreed Sunday to rescue Citigroup providing a package of guarantees, liquidity access and capital.

Nov. 24, 2008 - France and Germany reached an agreement to bolster their auto industry which was hard hit by the global economic crisis, French President Nicolas Sarkozy said here Monday following his meeting with Germany Chancellor Angela Merkel.

Nov. 25, 2008 - The U.S. government Tuesday unveiled a pair of new programs that will provide 800 billion dollars to help unfreeze the credit markets.

Nov. 26, 2008 - The European Commission unveiled on Wednesday a significant economic stimulus package worth 200 billion euros (260 billion U.S. dollars) in a bid to steer the European Union (EU) economy from a deep recession.

Nov. 26, 2008 - China's central bank has decided to slash the lending and deposit rates by a bigger-than-expected 1.08 percentage points as of Thursday in the latest strong effort to stimulate the economy.

Dec. 23, 2008 - IMF approves a 2.35b $ loan for Latvia, it is part of a much bigger loan packing totaling 10.5b from the ECB, World Bank, and the Swedish government.

Dec. 31, 2008 - The FTSE 100 closes down 31.3% since the beginning of 2008 - the biggest annual fall in the 24 years since the index was started. The Dax in Frankfurt lost 40.4% over the year while the Cac 40 in Paris dropped 42.7%.

2009
Jan. 9, 2009 - South Korea's central bank cuts interest rates to a record low of 2.5%.

Jan. 15, 2009 - The European Central Bank lowers its main interest rate to 2%.

Jan. 15, 2009 - Ireland nationalizes Anglo Irish Bank to keep it from failing

Jan. 18, 2009 - Denmark's parliament agrees on a financial stimulus package of 100 billion Danish krone.

Jan. 20, 2009 - The Bank of Canada cuts interest rate down to 1% which is a 50-year low.

Jan. 21, 2009 - The Bank of England decides on cutting interest rate to 1.5%, which is the lowest they have ever been.

Jan. 22, 2009 - Belarus was lent 2.5b $ in loans from the IMF; the IMF concludes this loan is their largest offered by quota ever. It was 420% above Belarus’ quota for a loan recipient

Jan. 23, 2009 - Samsung Electronics, the world's biggest chip-maker records its first ever quarterly loss.

Jan. 26, 2009 - Phillips, Europe's biggest Electronics consumer group cuts 6,000 jobs after 1st loss in over 5 years.

Jan. 26, 2009 - Iceland's government falls apart after ruling alliance resigns.

Feb. 2, 2009 - France's Prime Minister announces 26 billion euro plan to revitalize economy.

Feb. 3, 2009 - Australia's government announces another economic stimulus package of $42 billion called the Nation Building and Jobs Plan, and cuts interest rates< to 3.25% which is the lowest in 45 years.

Feb. 4, 2009 - Canada's parliament passes a $40 billion economic stimulus package in an attempt to boost their economy.

Feb. 5, 2009 - Deutsche Bank announces it made an annual loss in 2008, its first since being restructured after World War II.

Feb. 5, 2009 - The Bank of England cuts interest rates down to 1%, which is again a new record for them.

Feb. 9, 2009 - Nissan decides to cut 20,000 jobs throughout the world.

Feb. 18, 2009 - Germany's cabinet agrees on a draft law that will allow it to temporarily nationalize banks.

Feb. 21, 2009 - Carribean regulators take over Bank of Antigua due to fraud accusations.

Feb. 25, 2009 - Japan announces that its exports fell by 46% in January.

Mar. 5, 2009 - Malaysia's government announces plan to spend another 10 billion ringgit to stimulate economy.

Mar. 5, 2009 - The Bank of England cuts interest rates to a new record low of 0.5%, and says it will increase money supply.

Mar. 5, 2009 - The European Central Bank cuts its main interest rate to 1.5%.

Mar. 9, 2009 - Iceland's last major bank left standing after the country's financial collapse in October is being shut down by financial authorities.

Mar. 6, 2009 - UK's government gains a controlling interest in Lloyd's Banking Group by insuring it's debt.

Mar. 11, 2009 - China announces that its exports dropped by more than 25% this February compared to one year ago.

Mar. 24, 2009- the Chinese Central Bank boldly proclaim their willingness to introduce a new global reserve currency based on IMF Special Drawing Rights (basket of currencies) instead of the US dollar. In addition, China proposes to increase the pull of currencies to include the Yuan, Rupee, Ruble, Rand, and the Real representing a more inclusive currency regime.

Mar. 25, 2009 - Romania received 20b € loan from the IMF

Mar. 26, 2009 - Serbia received 4b $ bailout from the IMF

Apr. 2, 2009- World leaders metting at the G20 Summit in London proposed 1.1 trillion $ to help fight the global recession. Issues centered around the future role of the IMF/World Bank, denouncing protectionism, promoting global trade as well as the direction of current WTO Doha round.