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Financial crisis timeline

business Updated: Oct 07, 2008 02:47 IST

Key developments on Monday in the world credit crisis:

World stock markets plummet, striking four-year lows, as panic-stricken investors doubt whether a Wall Street bailout package will stem the global financial crisis.

The euro falls to a 13-month low point of 1.3543 dollars as the deepening crisis in Europe's banking sector dominates trade in the foreign exchange market.

The US Federal Reserve says it will start to pay interest on bank deposits for the first time and expand bank refinancing operations to 900 billion dollars by year-end in a bid to increase liquidity.

European Union authorities will do everything necessary to maintain the stability of the financial system, Italian Prime Minister Silvio Berlusconi said.

Trading on Russia's two key stock markets and the market in Brazil is suspended after share prices nosedive on worries that steps to counter global financial turmoil were insufficient to shield the domestic economy.

International Monetary Fund chief Dominique Strauss-Kahn says the organisation's World Economic Outlook to be published Wednesday will show a marked fall in growth.

Banque Populaire and Caisse d'Epargne -- two of the largest high street banks in France -- have begun talks on a possible merger, a source close to the talks says.

The European Central Bank says it has pumped 50 billion dollars (37 billion euros) into stressed eurozone interbank lending markets in what has become a daily effort to keep cash moving in a critical network.

Sweden's central bank says it will increase the amount of additional money on loan to the country's cash-strapped banks to help keep credit flowing.