The horror in bullet points
Do you remember when Germany fell, the first regional banks under pressure? Or when the U.S. Congress, the U.S. bank rescue package has passed. And when the world community helped out with billions of Iceland? Here they find the answers.
It is hard to keep in the jungle of numbers and dates of the financial crisis the overview. From the U.S. - and there based primarily on the real estate market - the banking and financial crisis has become a global economic crisis, the German automaker concerns as well as the IT industry in Asia. To facilitate the overview, news.de has prepared the financial and economic crisis in chronological order - we read this chronology, the picture is emerging of a global failure, a vision of horror.
2007
February: The U.S. mortgage lenders New Century Financial declares insolvency.
June: Two hedge fund of U.S. investment bank Bear Stearns come under pressure. They had a strong focus on mortgage-backed securities.
August: Some U.S. mortgage lenders like American Home Mortgage, First Magnus and Countrywide Financial are on the verge of bankruptcy.
July / August advised: In Germany, Landesbank Sachsen LB, WestLB and BayernLB, and the SME Bank IKB for speculations on the U.S. housing market until the crisis and then in the headlines.
September Storm: Many found the switch of the British Bank
Northern Rock. The government and the Bank of England guarantee
Deposits, Northern Rock is taken over then by the state.
October: The U.S. financial group Citigroup reports a profit slump. A short time later, several American financial institutions move to: billion write-downs and huge losses.
January: The Swiss banking giant UBS reports for 2007 because of the turmoil in the U.S. housing depreciation of more than 18 billion dollars later, we add another 19 billion.
February: The U.S. Congress passes a stimulus package totaling $ 150 billion.
March: The investment house Bear Stearns is under pressure from the U.S. Federal Reserve just before the collapse of the bank JP Morgan Chase sold. The U.S. government is helping with guarantees.
6th September: The U.S. government takes control at major U.S. mortgage lenders Fannie Mae and Freddie Mac.
15th September Sign: The investment bank Lehman Brothers has bankruptcy, rival Merrill Lynch is bought by Bank of America.
17th September: The U.S. Federal Reserve rescue the world's largest insurance group AIG with a loan of 85 billion dollars. AIG had guaranteed including many real estate loans. This day is also known that the German state development bank KfW to the failed investment house Lehman Brothers had been shortly before its collapse even paid hundreds of millions.
19th September: The U.S. government announced a 700 billion dollar rescue package to take over bad loans by U.S. banks and to secure their existence.
25th September: Washington Mutual, the largest savings bank in the U.S. is insolvent and the bank JP Morgan Chase collected.
29th September: For the German real estate financier Hypo Real Estate will put together a 35 billion euro rescue package of heavy federal government and banks.
30th September: The Irish government decides on a 400 billion euro guarantee on deposits at six major banks in the country.
5th October will be increased, the package for Hypo Real Estate needs from 35 to 50 billion euros.
7th October: Iceland Prime Minister Geir Haarde warns of Staatsbankrot. He shall then assume control of the banking system.
8th October: For the first time since the terrorist attacks of 11 September 2001 to reduce the major central banks in the world in a concerted action, the key interest rates. The price decline in the stock markets around the world, they can just stop it short.
13th October: The Federal Government provides a rescue package for German banks with a volume of 480 billion available - a mix of guarantees to restore the flow of credit between banks and a fixed budget for partial nationalization of the same. The British government increases with about 37 billion pounds (46 billion euros) at the Royal Bank of Scotland (RBS), Lloyds TSB and one of HBOS and there is major shareholder.
20th October: France is pumping 10.5 billion in the six largest banks in the country.
23rd October: The car makers are feeling the financial crisis. The return of Mercedes-Benz breaks in the third quarter, more car companies to follow the bad news. The companies are preparing for tough times and many places to stop production for several weeks.
24th October: The OPEC announced cut their oil production in November by 1.5 million barrels per day. This will stop the fall in prices of the cartel Rostoff because of falling demand.
29th October: EU, IMF and World Bank support Hungary with 20 billion to avert national bankruptcy. The U.S. Federal Reserve cuts its key rate further by 0.5 percentage points to 1 percent.
3rd November: Commerzbank draws the first private financial institution in aid from the state rescue fund of the Federal Republic. Previously, the state banks HSH Nordbank, WestLB and BayernLB had requested assistance.
5th November: The federal government decides about a heavy 12 billion stimulus package. So they decided to support the economic boost in the country and. The government hopes that this investment of 50 billion euros will be triggered.
6th November: The International Monetary Fund sees the first time since the Second World War, all developed countries slipping into recession and is based on a world recession in 2009. The ECB lowered interest rates to 3.25 percent.
9th November: China, too, now announces a nearly 600 billion dollar stimulus package to boost the economy.
24th November: The U.S. government rescue of the once world's largest financial group Citigroup with a protective shield of more than 300 billion dollars.
25th November: The U.S. Federal Reserve announced a 80-billion-dollar package for the purchase of bad loans by U.S. banks.
28th November: The dimension of the crisis, BayernLB is clear: It requires German grants totaling $ 30 billion.
2nd December storm: Angry Icelanders after the collapse of their banks, the central bank of the country.
4th December: The European Central Bank lowers interest rates as strong as ever from 3.25 to 2.5 percent. And now the crisis has also reached the electronics industry. Nokia corrects the sales quota for the second time in two weeks down. The chip maker AMD has announced a sales drop of 25 percent. The U.S. telecoms giant AT & T deletes 12 000 jobs. Sony begins with the removal of 16,000 jobs.
11th December: On Wall Street stands as perhaps the biggest fraud in history: Bernard L. Madoff is alleged to have sunk with a fraudulent pyramid scheme 50 billion. The promised interest he had allegedly paid the money always new investors.
12th December: The U.S. Senate rejected a rescue package debated for American carmakers in the amount of $ 14,000,000,000. General Motors and Chrysler is threatening to seemingly inevitable insolvency. In Europe, adopted at an EU summit a stimulus package with a volume of 200 billion, although it is not a pan-European program. All EU member countries to help their national economies.
16th December: The Federal Reserve lowered the key rate with a range from 0 to 0.25 per cent to a record low.
19th December: The current U.S. President George W. Bush will pay 17.4 billion U.S. dollars from the banking rescue package to the U.S. auto industry and saves the time being, General Motors and Chrysler. Ford does not make use of the offer. Oil prices fall to their lowest level in almost five years. Oil WTI will cost the American variety at times, only $ 33.44 per barrel (159 liters).
21st December: The U.S. president Barack Obama is planning, according to media reports, an economic stimulus package of nearly $ 800 billion. Within two years, three million jobs to be created or secured.
31st December: The U.S. central bank buys up toxic assets of 500 billion U.S. dollars.
2009
3rd January: The credit agency Creditreform believes that the number of bankruptcies in Germany will rise significantly in 2009. Given the downturn in the new year about 33000-35000 insolvencies are expected. That would be up to 18 percent more than in 2008.
8th January: Take the Commerzbank has for the second time state capital injections into the billions in claims. The federal government shoots to the bench for another ten billion euros and is involved in this, 25 percent plus one share in Commerzbank. It is teilverstaatlicht it.
12th January: The grand coalition passed the economic stimulus package, which has a circumference of about 50 billion euros.
14th January: Even Germany's largest bank, the German bank, must admit to huge losses. Germany's largest private bank, expects to own data for the last quarter of 2008 with a loss of 4.8 billion euros.
January / February: The debates over the nationalization of private banks in Germany are getting louder.
4th February: After a report by the Federal Employment Agency are now more than 750,000 requests for assistance received short-time working. In January alone there were 290 000 forms.
5th February: The German bank attracts record for 2008: For the first time the institute loss - and then immediately right. In 2008, the bank has lost 3.9 billion.
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