The global financial crisis
29 June 2009
The story of the financial crisis is divided into five stages:
- the prelude, leading up to the March 2008 takeover of Bear Stearns;
- the gradual deterioration in financial conditions from mid-March to the failure of Lehman Brothers on 15 September 2008;
- from mid-September to late October, a global loss of confidence, a massive flight to quality and the near collapse of the financial system;
- from late October, the severe decline in the global economy; and
- beginning in mid-March 2009, the deepening downturn and the first signs of stabilisation.