A timeline of the major events
Sept. 15 2008: Lehman Brothers investment bank declares 600-billion- dollar bankruptcySept 17, 2008: US bails out AIG insurance giant for 85 billion dollarsbusiness Updated: Sep 14, 2009 16:25 IST
Here is a chronology of recent major events:
Sept. 15 2008: Lehman Brothers investment bank declares 600-billion- dollar bankruptcy
Sept 17, 2008: US bails out AIG insurance giant for 85 billion dollars
Oct 3, 2008: The largest government intervention in capital markets in US history clears the US House of Representatives became law.
Oct 30, 2008: Japan announces 26.9-trillion-yen (276.33-billion- dollar) stimulus package
Nov 9, 2008: China announces 4-trillion-yuan (588-billion-dollar) economic stimulus package.
Nov 20, 2008: Oil price falls under 50 dollars a barrel after three and half years.
Dec 1, 2008: US officially declared to be in one year-long recession.
Dec 16, 2008: Historic slash in US central bank interest rates to 0-0.25 per cent
Dec 19, 2008: US bails out US carmakers General Motors, Chrysler with $17.5 billion.
Dec 31, 2009 - US lost 2.6 million jobs in 2008, worst since 1945
Jan 20, 2009 - Obama takes office as president of the United States
Feb 5, 2009 - Germany's Deutsche Bank reports first full-year loss since the Second World War.
Feb 14, 2009 - US Congress passes record 787-billion-dollar economic stimulus plan, Obama signs three days later
Feb 26, 2009 - European economic confidence plunges to a 24-year low
Feb 27, 2009 - US economy shrank 6.2 per cent in fourth quarter of 2008, worst contraction since 1982
March 5, 2009 - European Central Bank and Bank of England cut rates to historic lows March 13, 2009 - Data shows European car sales plunged 18.3 per cent year-on-year in February
March 16, 2009 - Japan's exports tumble by 46 per cent year-on-year in January
March 23, 2009 - World Trade Organization predicts global trade will plunge by 9 per cent in 2009 to record its biggest contraction since the Second World War
March 23, 2009 - US unveils trillion-dollar plan to take toxic assets out of banks