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 adopts a major fiscal stimulus package [http://www.hm-treasury.gov.uk/pbr_csr07_index.htm].
: Britain adopts a major fiscal stimulus package [http://www.hm-treasury.gov.uk/pbr_csr07_index.htm].
: German bank rescue package is agreed [http://money.aol.ca/article/germany-to-set-strict-conditions-for-bank-rescues/385637/].
: German bank rescue package is agreed [http://www.spiegel.de/international/business/0,1518,585156,00.html].
: German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [http://www.dw-world.de/dw/article/0,,3843486,00.html].
: German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [http://www.dw-world.de/dw/article/0,,3843486,00.html].



Revision as of 03:04, 14 May 2009

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A timeline (or several) relating to Recession of 2009.

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(for earlier events see the crash of 2008 timelines [[1]])

2008, 4th quarter

World

The oil price falls. (November US light $60/barrel, down fron July $147 peak)[2].

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 [3].
Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [4].

Europe

European Central Bank cuts MRO rate from 3.75% to 2.5" [5]
Bank of England cuts bank rate from 4.5% to 2%
Britain adopts a major fiscal stimulus package [6].
German bank rescue package is agreed [7].
German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [8].

Asia

China announces a $586 billion fiscal stimulus [9]

2009, 1st quarter

US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [10]
European Central Bank cuts MRO rate to 2% [11]
Bank of England cuts discount rate cut- from 2% to 1.5% [12].
banks lent £185 bn under the Special Liquidity Scheme [13]
Germany introduces major fiscal stimulus package [14]

2009, 2nd quarter

Bank of England cuts discount rate to 0.5% and announces £75 billion asset purchase under its Asset Purchase Scheme [15] . The beginning of its programme of quantitative easing [16].