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Financial crisis timeline

Posted in Banking, Business, Finance, Global Financial Crisis by Erineus on February 11, 2009

PARIS—Key developments on Friday in the world credit crisis:

• Markets wait on news of a new vote in the US Congress, where Representatives are to consider a new version of a $700-billion (Є500-billion) bailout plan.

• The European Central Bank renews loans of $50 billion (Є36 billion) to commercial banks in what has become a regular effort to keep cash flowing on distressed interbank money markets.

• Trading on Russia’s main stock market is suspended after stocks plunge ahead of the vital vote by US lawmakers.

• European stocks edge higher, despite steep losses in Asia where Tokyo matched Wall Street by striking a three-year low.

• Switzerland’s biggest bank UBS says it will cut 2,000 more jobs as it repositions its investment bank which had been blamed for massive asset write-downs after the US subprime crisis.

• The Bank of Japan says it injected a further ¥800 billion ($7.6 billion) into the financial system as it tries to keep cash flowing.

• The chief executive of troubled Franco-Belgian bank Dexia says he will forgo a “golden parachute” payoff after resigning following a government bailout.

• The US bank Wells Fargo agrees to buy its distressed rival Wachovia for $15.1 billion in stock, ending a deal between Wachovia and Citigroup.

• Britain increases its government guarantee for bank deposits, following a similar move by Ireland.

• The leaders of France, Germany, Italy and Britain prepare to discuss the crisis at a mini-summit on Saturday despite disagreements that killed off talk of a Europe-wide bail-out package.

Agence France-Presse
First Posted 22:18:00 10/03/2008

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