The financial crisis ten years ago to the day
- 7 years ago
The 9th of August 2007 probably means little to most people, but for the financial world it is a day etched on the memory.
Generally considered to be the start of the global financial crisis, exactly ten years ago French banking giant BNP Paribas froze two funds exposed to US subprime mortgages.
The move sparked panic and saw short-term lending between banks grind to a halt
A month later long queues began forming outside Northern Rock, triggering the first run on a UK high street bank since the 1860’s.
While there had been plenty of earlier warning signs, mayhem soon followed, culminating in the collapse of Lehman Brothers. Cue massive write downs, bank failures and huge government bailouts, the impact of which is still being very much felt today.
Generally considered to be the start of the global financial crisis, exactly ten years ago French banking giant BNP Paribas froze two funds exposed to US subprime mortgages.
The move sparked panic and saw short-term lending between banks grind to a halt
A month later long queues began forming outside Northern Rock, triggering the first run on a UK high street bank since the 1860’s.
While there had been plenty of earlier warning signs, mayhem soon followed, culminating in the collapse of Lehman Brothers. Cue massive write downs, bank failures and huge government bailouts, the impact of which is still being very much felt today.