From The BBC:
How did the credit crunch at the end of 2007 become a full financial meltdown by the middle of 2008, and finally turn into a global recession? This interactive timeline highlights key dates in the financial collapse and helps you find the original reports of the events as they happened.
HSBC reveals huge losses at its US mortgage arm Household Finance due to subprime losses, in one of the first signs that the US housing market is turning sour, and that it could have a knock-on effect on the global financial sector.
New Century Financial, a leading subprime lender, files for bankruptcy. It is the first signal that something is seriously amiss at US mortgage lenders. Shares in other US mortgages banks like Countrywide come under pressure.
Credit markets go into freefall after Paribas announces that two of its hedge funds are frozen due to “complete evaporation of liquidity” in asset backed security market. European Central Bank injects 170bn euros into the banking market and Fed lower…