Recession of 2009/Timelines: Difference between revisions
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imported>Nick Gardner |
imported>Nick Gardner |
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: Bank of England cuts bank rate from 4.5% to 2% | : Bank of England cuts bank rate from 4.5% to 2% | ||
: Britain's major fiscal stimulus package [http://www.hm-treasury.gov.uk/pbr_csr07_index.htm]. | : Britain's major fiscal stimulus package [http://www.hm-treasury.gov.uk/pbr_csr07_index.htm]. | ||
: German Chancellor rejects fiscal stimulus | : German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [http://www.dw-world.de/dw/article/0,,3843486,00.html]. | ||
'''Asia | '''Asia | ||
Revision as of 01:49, 14 May 2009
- (for the preceding timeline see the article on the Crash of 2008)
2008, 4th quarter
World
- The oil price falls. (November US light $60/barrel, down fron July $147 peak)[1].
United States
- Federal Reserve Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by Fannie Mae and Freddie Mac and up to $100billion worth of their direct debt [2].
- Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [3].
Europe
- European Central Bank cuts MRO rate from 3.75% to 2.5" [4]
- Bank of England cuts bank rate from 4.5% to 2%
- Britain's major fiscal stimulus package [5].
- German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [6].
Asia
- China announces a $586 billion fiscal stimulus [7]
2009, 1st quarter
- US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [8]
- European Central Bank cuts MRO rate to 2% [9]
- Bank of England cuts discount rate cut- from 2% to 1.5% [10].
- banks lent £185 bn under the Special Liquidity Scheme [11]