The day the world changed

Deu no The Guardian 

01-12-2011, por Jill Teanor
https://www.theguardian.com/business/2011/dec/01/credit-crunch-pinpointed-august-2007

Credit crunch pinpointed to 9 August 2007 – the day the world changed

The beginnings of the global debt crisis were first signalled by former Northern Rock chief executive Adam Applegarth

The former boss of Northern Rock, Adam Applegarth, pinpointed the start of the first credit crunch as 9 August 2007. It was the "day the world changed," he said.

The European Central Bank and the US Federal Reserve injected $90bn (£45bn) into jittery financial markets that day, but it was still not enough to stop banks being frozen out of the markets they relied on for funding.

Downing Street has now declared that "we are experiencing a credit crunch," while the governor of the Bank of England, Sir Mervyn King, reckons the eurozone is already in one. (..)

The reference to a "crunch" is the refusal of banks to lend to each other and it worries policymakers as it risks stymying economic growth by restricting credit to business and individuals. Barely a year after Applegarth signalled the start of the credit crunch, Lehman Brothers collapsed, unleashing mayhem in the market and a series of bank bailouts. (Continua)

2011-12-03