FIVE years ago, things looked rosy.
In the first week of August 2007 forecasts by investors and major central banks predicted growth rates of 2-3% in America and Europe.
But on August 9th 2007 everything changed. A French bank, BNP Paribas, announced big losses on subprime-mortgage investments.
The same day, the European Central Bank (ECB) was forced to inject €95 billion ($130 billion at the time) of emergency liquidity.
The crisis had begun.
(From The Economist)
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