- June 22, 2011: Greek PM George Papandreou tries to persuade MPs to approve 28bn euros (£25bn) of cuts, tax rises, fiscal reforms and privatisation plans.Eurozone ministers say the legislation must be passed to receive a 12bn-euro loan Greece needs to pay its debts. – November 20, 2008: The International Monetary Fund (IMF) approves a 2.1 billion dollars (£1.4bn) loan for Iceland, after the country's banking system collapsed in October. – October 6, 2008: Trading is suspended in Icelandic banks including Kaupthing, Landsbanki, Glitnir, Straumur-Burdaras, Exista and Spron. - February 26, 2009: RBS reports a loss of £24.1bn for 2008, the biggest in British corporate history. – February 17, 2008: The government announces that struggling Northern Rock is to be nationalised for a temporary period. The Bank of Japan cut interest rates for the first time in seven years in response to the global financial crisis. – September 29, 2008: The government takes control of Bradford & Bingley's £50 billion of mortgages and loans. The financial crisis of 2007–2008 was a major financial crisis, the worst of its kind since the Great Depression in the 1930s.. - The Icelandic government also takes control of the country's third-largest bank, Glitnir, after the company faces short-term funding problems. The Government unveils an unprecedented £50 billion plan to part-nationalise major UK banks and pump billions more into helping ailing money markets. - November 29, 2008: The Government takes a 58pc in RBS for £15bn, with a further £5bn of preference shares. - November 21, 2010: Irish Finance Minister Brian Lenihan says he will recommend to the Government that the country formally request a bailout package from the EU, ECB and IMF. But in April to June 2008, it began to fall.The economy kept getting smaller for five successive quarters. – July 14, 2008: Financial authorities step in to assist America's two largest lenders, Fannie Mae and Freddie Mac, owners or guarantors of 5 trillion worth of home loans. - February 11, 2009: Ireland says it will inject €7bn into Bank of Ireland and Allied Irish in return for guarantees on lending, executive pay and mortgage arrears.
Having shrunk by more than 6% between the first quarter of 2008 and the second quarter of 2009, the UK economy took five years to get back to the size it was before the recession. Here are some of the most important milestones in a Great Recession timeline of the financial crisis—also known as the 2008 recession—which lasted in … It is the first IMF loan for a western European nation since 1976.
Two of the UK's major banks, RBS and HBOS, are in major trouble as financial markets collapse. Savings operations and branches are sold to Spain's Santander. - May 2 2010: Greece gets a €110bn (£93bn) bail-out from other countries using the euro, and the International Monetary Fund. In 2008, the financial crisis shook the global economy. Below is a brief summary of the causes and events that redefined the industry and the world in 2007 and 2008. 13 October 2008: UK GOVERNMENT RESCUES RBS AND LLOYDS-HBOS. – October 13, 2008: The government announces a £37 billion rescue package for Royal Bank of Scotland (RBS), Lloyds TSB and HBOS. The financial crisis of 2007/2008 and its impact on the UK and other economies The roots of the financial problems of the last two/three years can probably be traced back to the deregulation of financial markets in the US, the UK and the Western European economies that started in the 1970s and gathered pace in the early 1980s.
Having merged with HBOS in September, Lloyds is hit by the huge debts built up by its new partner in the mortgage market, while RBS is struggling with its expensive merger with ABN-AMRO. Fannie Mae and Freddie Mac were America's two largest lenders Federal policy … The quarterly unemployment rate reached 8.4%, the highest rate since 1995.Unemployment had returned to its pre-downturn rate at the end of 2015, and since then it has continued to fall – reaching a record low of 4.3% in the third quarter of 2017 before rising slightly at the end of the year.Earnings have lagged behind prices for most of the decade since the start of the recession.In the public sector, a pay freeze (from 2011) and pay cap (from 2013) kept wage rises below inflation, while in the private sector wage growth was also slow.There was a two-year period beginning around July 2014 when wages rose in real terms – this was due largely to the fall in the price of oil causing prices to come down too.However, between November 2015 and October 2016, the pound fell in value by 20%, including a record 6.5% fall between June and July 2016 following the EU referendum.
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