Unhappy birthday: The global credit crunch

Investing.com - Ten years ago today, on August 9 2007, the global financial crisis began in earnest BNP Paribas (PA:BNPP), one of Europe’s biggest banks, froze three funds exposed to the US subprime mortgage marketConcern over subprime mortgage losses had been growing for monthsAnd Bear Stearns had stopped fund redemptions in JulyBut the move by BNP prompted the first big policy response from central banksThe ECB immediately conducted a special refinancing operationThe credit crunch was officially onIt was the start of the crisis that brought down banks led to a global recession and the euro zone debt crisis