Global Financial Crisis

Welcome to Finance Watch’s timeline of the global financial crisis. To travel through the banking storm, roll your mouse forward (or tap to scroll on some Apple devices).

In the four months after Lehman Brothers collapsed, around 30 other banks in Europe and the US had to be rescued.;xNLx;A month earlier, economist [Nouriel Roubini predicted](http://online.barrons.com/article/SB121763156934206007.html?mod=9_0031_b_this_weeks_magazine_main#articleTabs_article%3D1) “this financial crisis will lead to credit losses of at least $1 trillion and most likely closer to $2 trillion. When I made this analysis in February everybody thought I was a lunatic.”;xNLx;Since then, studies estimate the cost of this crisis to the public at €1.3 trillion for Europe to $13.2 trillion for the US, including lost output. ;xNLx;This is equivalent to 139 Hurricane Katrinas, 72 Tohoku tsunamis or more than 3 times the amount spent by the US on fighting in Iraq and Afghanistan. ;xNLx;Five years after Lehmans, the banking system has still not been fundamentally reformed. ;xNLx;Timeline created by [Finance Watch](http://www.finance-watch.org), with special thanks to Caroline Metz and Iacopo Levenheck.;xNLx;

Lehman Brothers collapses

The first big domino to fall, triggering a market panic with its losses of USD 13.8bn.

Merrill Lynch sold to Bank of America

Merrill Lynch & Co. agrees to sell itself to Bank of America Corp. for $50 billion.

AIG bailed out

AIG receives $85 billion secured revolving credit facility from the New York Fed in exchange for a stake of 79.9%, secured by a pledge of a substantial portion of AIG’s assets.

Washington Mutual sold to JPMorganChase

JPMorganChase pays $1.9 billion for the deposits and branches of WaMu, a lender with $310 billion in assets.

Fortis dismantled

The banking activities of the Fortis groups are rescued in a EUR 24.7bn series of deals involving the Belgian, Dutch and Luxembourg governments and BNP Paribas.

Dexia recapitalised

Franco-Belgium bank receives €6.4bn in emergency capital from France, Belgium and Luxembourg

Ethias Group capital injection

Belgian authorities agree to €1.5 billion capital injection.

KBC recapitalised

The Belgian federal government decides to recapitalise KBC Group N.V. with €3.5 billion.

Major central banks cut their interest rates

In a coordinated effort to halt a collapse of share prices and a freeze in credit markets, six major central banks lowered their interest rates.

UBS in $59.2 Billion Bailout

Switzerland's biggest bank was forced into a $59.2 billion government bailout after piling up huge losses.

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