TIMELINE- Financial crisis since October

Sun Nov 16, 2008 10:32am GMT
 
Email | Print | | Single Page
[-] Text [+]

(Reuters) - Here is a chronology of the global financial crisis since October:

October 2 - Irish lawmakers vote to enact legislation guaranteeing Irish bank deposits and debts up to a total of 400 billion euros (373 billion pounds).

October 3 - The U.S. House of Representatives passes a revised $700 billion (471 billion pounds) U.S. bailout plan which will take toxic mortgage assets off financial companies.

-- Wells Fargo & Co says it has agreed to buy Wachovia Corp for about $16 billion, thwarting a planned Citigroup Inc deal announced on September 29. However, Citigroup wins a court order on October 4 blocking the deal until the court rules otherwise. The two remain locked in an intense battle.

October 5 - Germany pledges to guarantee private deposit accounts. Germany also clinches a revised rescue deal for lender Hypo Real Estate after banks and insurers pulled out of a state-led 35 billion euros rescue programme.

October 8 - The U.S. Fed leads a coordinated, global round of emergency interest rate cuts.

October 9 - Iceland, whose prime minister warned of "national bankruptcy," takes control of its biggest bank, Kaupthing, the third major Icelandic bank to be taken over by the state.

October 10 - Japan's Nikkei tumbles nearly 10 percent, registering its biggest one-day drop since 1987.

-- Finance ministers and central bankers from the Group of Seven meet in Washington and pledge to prevent big banks from collapse and to work together to stem the crisis. The International Monetary Fund backs the G7 plan the next day.  Continued...

 
Detail showing a commercial U.S. Dollar rate against British Sterling is displayed in central London in this file photo December 1, 2006.  REUTERS/Toby Melville
Pound picking up strength

Sterling will gradually strengthen against the dollar over the next 12 months but is unlikely to move much, a Reuters poll shows.  Full Article | Related Story 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos