World financial crisis / regional course

from Wikipedia, the free encyclopedia

Regional course of the world financial crisis

Europe

European Union

As a result of the financial crisis that started in 2007 , five member states violated the Stability and Growth Pact in December 2008 , as did the United Kingdom . For the member states of Lithuania , Latvia and France , the Maastricht criterion of 3 percent of their gross domestic product is also expected to be exceeded in 2009 . Germany’s finance minister, who expects a national debt of 4%, expects something similar. The prognoses of the EU for the EU / Eurozone in economic growth for 2009 see an average decrease of 4%, for 2010 of 0.1%.

The European Central Bank lowered the 12th of November 2008. The key interest rate by 0.5 percentage points to 3.25%, on 4 December to 2.5% on 15 January 2009 to 2.0%, on 2 April 2009 of 1 , 5% to 1.25% and on May 7, 2009 to 1.0%.

On May 7, ECB President Trichet announced not only the interest rate cut, but also some “unconventional” monetary policy measures: From June 23, the ECB will offer commercial banks tenders with a term of twelve months (instead of the previous maximum of six). In addition, Trichet announced the purchase of covered bonds (such as Pfandbriefe ) denominated in euros for more than EUR 60 billion. Details on this would be published after the council meeting on June 4th. The European Investment Bank (EIB) will be approved as a counterparty in refinancing transactions with the ECB from July 8th . This should enable them to finance themselves more easily in order to better provide European companies with loans. Trichet underlined that this was not “ quantitative easing ” but rather “credit easing”; all decisions were made unanimously in the Governing Council .

From October 2008 to mid-July 2009, the European Union approved state guarantees for threatened banks in the amount of 2.9 trillion euros (excluding state guarantees that have already been used), that is 31.2% of the economic output of all 27 member states at the time . Denmark (259.4%) and Ireland (231.8%) had the highest support in terms of gross national product. Austria was just above the EU-27 average at 32.8% and Germany at 24.4% .

Benelux

On September 28, 2008 it was announced that the governments of the Benelux countries - Belgium, Luxembourg and the Netherlands - are supporting the financial services provider Fortis with EUR 11.2 billion. Two days later, the Belgian government, together with Luxembourg and France, intervened again to prevent Dexia from imminent difficulties with a capital increase of 6.4 billion euros. In February 2009 Dexia had to report a loss of around 3.3 billion euros for 2008. In December 2009, Dexia sold its "Dexia Epargne Pension" life insurance division to BNP Paribas . As a result of the financial crisis, Dexia announced its split on October 10, 2011, and at the same time 95 billion euros in risky securities were outsourced to a bad bank . Belgium, Luxembourg and France gave a state guarantee of 90 billion euros in the course of the dissolution.

After serious financial problems in 2008, the major Belgian bank KBC Group was bailed out by Belgium and the Flemish government with € 7 billion.

On October 3, 2008, the Dutch government ( Cabinet Balkenende IV ) took over the remaining 100 percent of Fortis' Dutch banking and insurance activities, including the stake in ABN AMRO , for a further 16.8 billion euros , after numerous major customers withdrew their money despite the first rescue measure and the Fortis Group had accumulated a loss of around 22 billion euros in the 2008 financial year. The French BNP Paribas took over 75 percent of the Belgian-Luxembourg part of the Fortis Group on October 6, 2008 for 14.5 billion euros.

On October 19, 2008, the ING Groep also had to make use of state aid amounting to 10 billion euros; these were made available by the Dutch government. In addition, the Netherlands took over 80% of ING's real estate loan portfolio with a total value of 28 billion euros.

The Dutch Prime Minister Balkenende announced on October 13, 2008 that he would invest “a considerable sum”, “with which confidence in the financial system should be strengthened and the flow of money will be revived”. The Dutch government wants to take on a guarantee of up to 200 billion euros, which is intended for loans between banks. In 2008, the Dutch government invested around 85.4 billion euros to stabilize the financial system.

In February 2013, the Dutch financial company SNS Reaal was nationalized for 3.7 billion euros due to systemic importance. It had already been supported by the state in 2008.

Denmark

The Danish National Bank changed its discount rate for the Danish krone from 4.5% to 0.75% (January 2010).

Germany

2007
Order intake in German industry since 1952

The subprime crisis in the United States and the liquidity bottleneck in the market with asset-backed securities brought IKB Deutsche Industriebank and Sachsen LB into crises that threatened the existence of the company in 2007 , as they were no longer able to refinance their purchased receivables in the money market . The BayernLB and WestLB had won due to lack of market values billion loads. According to the Deutsche Bundesbank , the “financial corporations” had total financial assets of 9,387.4 billion euros in 2007 , which were offset by liabilities of 9,267.7 billion euros, so that net financial assets (financial assets minus liabilities) of 119.8 billion euros remained. The "monetary financial institutions" ( credit institutions , building societies , money market funds ) had net financial assets of 226.3 billion euros with total financial assets of 6,686.5 billion euros, while "other financial institutions" (e.g. investment funds) and " insurance companies " had negative ones Net financial assets (-29.8 billion euros and -76.8 billion euros).

2008

Private German banks such as Deutsche Bank also had to make considerable write-downs. The Euribor reference interest rate was temporarily well above the ECB's refinancing rates . The ECB counteracted this with increased liquidity provision on the money market by making up to € 258 billion available to the banks through short-term refinancing tenders .

On August 12, 2008, the German Bundestag passed the law to limit the risks associated with financial investments . It regulates the drafting of credit and security agreements and the assignment of credit claims.

In mid-September 2008, BaFin prohibited uncovered short sales of shares for eleven companies in the financial sector ( Deutsche Bank , Commerzbank , Allianz SE , Deutsche Börse , Munich Re , Hannover Re , Hypo Real Estate , AMB Generali , Aareal Bank , Postbank , MLP AG ) - initially limited until December 31, 2008. The BaFin ban only related to short sales that are not covered by securities lending . BaFin later extended this measure initially to the end of March 2009 and then to the end of May 2009.

At the end of September 2008, Hypo Real Estate (HRE) was threatened with bankruptcy due to refinancing difficulties of the Irish subsidiary Depfa on the interbank market . At first it was said that the German state would guarantee 40 percent and the banking association 60 percent for failures of up to 14 billion euros . The state alone vouches for another 21 billion euros. Later it became known that Hypo Real Estate had greater financing needs than initially assumed. A crisis summit on October 5, 2008 between the federal government and the financial industry led to an increase in the package by a further 15 billion euros.

On October 5, 2008, Chancellor Merkel and Finance Minister Steinbrück issued a guarantee for savings deposits in Germany. The guarantee applies to every institution and every saver of an institution that is part of the German deposit insurance .

On October 9, 2008, Steinbrück announced that the IPO of Deutsche Bahn would be postponed because of the uncertainties in the financial markets.

The IMF forecast in early November 2008 for 2009 that in Germany, economic output as measured by gross domestic product will decline by price-adjusted 0.8 percent. In October 2008 the Monetary Fund had expected a rate of change of 0.0 percent for Germany. In January 2009, the 2009 annual economic report forecast a GDP shrinkage of 2.25% for Germany.

The Merkel I cabinet responded to the economic downturn with an economic stimulus program and other measures:

  • On October 17, 2008, with the passage of the Financial Market Stabilization Act (FMStG), a federal fund was created under the name “ Financial Market Stabilization Fund ” (FMS). The fund was authorized to issue guarantees for debt instruments and liabilities of beneficiary companies up to a total amount of 400 billion euros. Of these 400 billion euros, 20 billion euros were entered into the federal budget as a precaution. The fund was allowed to take out loans of up to 80 billion euros to buy stakes in beneficiary companies (see below) and to take over “problematic assets”. The budget was therefore directly burdened with 100 billion euros. The budget would have increased if more than 20 billion euros of the guarantee of 400 billion euros had actually been called. Beneficiary companies within the meaning of the law were credit institutions, financial services institutions, insurance companies, pension funds, capital investment companies and operators of securities and futures exchanges. The bank rescue package was approved by the EU Commission on October 28, 2008 .
→ To make use of the financial market stabilization fund, see the detailed article Financial market stabilization fund .
2009

On February 13, 2009, the German Bundestag passed the economic stimulus package II “Resolute in the crisis, strong for the next upswing” ; it was approved by the Federal Council on February 20 .

On April 3, 2009 the Federal Council passed the Financial Market Stabilization Amendment Act , which provides for the nationalization of a bank for a limited period. On July 10, 2009, the Federal Council passed the Financial Market Stabilization Development Act , which created the basis for the voluntary establishment of bad banks by the respective credit institution. Also on July 10, 2009, the Federal Council approved the law to strengthen financial market and insurance supervision, amendments to the Banking Act (KWG) and the Insurance Supervision Act (VAG) . The Federal Financial Supervisory Authority (BaFin) is to receive the following additional powers to regulate the market:

  • Preventive powers: BaFin should be able to more easily demand a higher level of liquidity from banks.
  • Distribution ban: So far, a profit distribution can only be prohibited if a certain limit is exceeded in times of crisis. This is why it has not been possible to intervene early enough in the event of danger. In the future, BaFin should be able to intervene if it becomes apparent that the regulatory indicators will be exceeded.
  • Payment ban: In times of crisis, it should be possible to prohibit payments from subsidiaries based in the Federal Republic to the foreign parent company. This means that no liquidity can be withdrawn from the subsidiary if it urgently needs the capital itself.
  • Better information for BaFin: a tightening of the information requirement for banks is planned. This should also include the right to increase the prescribed level of equity capital of a financial institution.
  • More stringent requirements for supervisory bodies in banks and insurance companies: Members of supervisory bodies can be dismissed if they are unsuitable or unreliable. It is now also possible to limit the number of mandates for management or members of supervisory bodies.

In the course of 2009, economic development began to bottom out. In the first quarter, price-adjusted gross domestic product fell by 3.5%, seasonally and calendar adjusted, compared to the previous quarter, rose by 0.4% in the second and by 0.7% in the third. The original values ​​(i.e. not adjusted) fell short of the values ​​of the respective previous year's quarter in the first by 6.4%, in the second by 7.0% and in the third by 4.7%.

At the end of November 2009, the Federal Cabinet decided that short-time work that begins in 2010 can be paid up to 18 months of short-time work allowance. This measure follows on from similar stimulus packages I and II to mitigate the effects of the crisis on the labor market.

Because of the not yet overcome consequences of the "worst financial and economic crisis since the existence of the Federal Republic of Germany", the federal government passed the Growth Acceleration Act in December .

On December 11, 2009, the Federal Agency for Financial Market Stabilization (FMSA) founded the Erste Abwicklungsanstalt (EAA), the purpose of which is to take over risk positions and discontinued operations of WestLB AG and to wind them up in the long term so that the risk of loss remains as low as possible.

By 2009, the national debt rose through aid to banks (gross) by almost 100 billion euros.

2012

In January, the German Bundestag approves the reactivation of the financial market stabilization fund, which will run until the end of 2012 . He can help tumbling banks with capital aid of up to 80 billion euros and with guarantees of up to 420 billion euros.

2013

Since the beginning of the financial market crisis, Germany's national debt has been expanded significantly through support measures in favor of domestic financial institutions and for EMU countries. The cumulative effects of financial market support on the debt level since 2008 amounted to around 285 billion euros or 11 percent of gross domestic product (GDP), with a slight decline in 2012. In connection with the sovereign debt crisis in the euro area , there were around 65 billion euros or 2 ½ percent of GDP. The rise in debt was largely due to an increase in government financial assets such as B. Loan claims associated. If the risk assets can be realized in the future or the auxiliary loans are repaid, the debt level will fall according to the German Federal Bank .

The German national debt ratio relative to gross domestic product (GDP) rose to 81 percent in 2010 and fell in the following years to 64 percent in 2017.

France

On the instructions of President Nicolas Sarkozy, the French government passed an aid package of 360 billion euros, which includes 320 billion euros in security guarantees up to the end of December 2009 for loans of five years or more between banks and around 40 billion euros in capital directly to endangered banks. An interim nationalization of banks or shares in banks is also possible.

As President of the Council of the European Union for the second half of 2008, Sarkozy had also suggested that the European member states should set up a joint aid package. However, his initiative was rejected by the other European states, in favor of individual aid actions by the affected countries.

Greece

Due to a considerable national deficit of 12.7 percent (after 7.7 percent in 2008) and a national debt of 121 percent of the gross domestic product, the rating was downgraded from A- to BBB + at the beginning of December 2009. The financial crisis in December 2009 led to considerable student protests and a general crisis in the country.

At the end of 2018, Greece will not receive any benefits from support programs and will refinance itself via the credit market.

Ireland

On September 20, 2008, Irish Treasury Secretary Brian Joseph Lenihan increased the guarantees for deposits at Irish banks from 20,000 to 100,000 euros. A few days later it was decided to guarantee all deposits at the six largest banks in the country ( Allied Irish Banks , Bank of Ireland , Anglo Irish Bank , Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society) until September 2010. In September 2010 the guarantee was extended to December 2010 and in November 2010 to June 2011. Under Lenithan's successor Michael Noonan , two further extensions were made until December 2011 and June 2012 respectively.

In January 2009, was Anglo Irish Bank by the Irish government nationalized . On June 26, 2009, the EU Commission approved a financial injection from Ireland amounting to € 4 billion for the AIB. In the 2009 financial year, the Anglo Irish Bank had to cope with a loss of 12.7 billion euros and in the following year it posted another 17.7 billion euros in loss. As a result of the massive losses, it was decided on June 24, 2013 to wind up the Anglo Irish Bank and the Irish Nationwide Building Society and to relocate the entire lending business to a bad bank, which has received a state guarantee of 30 billion euros from Ireland.

Allied Irish Bank was supported with a further € 3.5 billion in 2009. On October 7, 2010, Allied Irish Bank sold its stake in M&T for $ 2.1 billion. Nevertheless, it had to be supported with another € 3.7 billion in December 2010 and has been controlled by Ireland ever since.

The Bank of Ireland struggled with a 99% decline in its share price between 2007 and March 5, 2009 in the wake of the financial crisis. On December 22nd, 2008 the Irish government announced that it would support the Bank of Ireland with € 2 billion and in return it would acquire a 25% stake in the bank. In September 2009, the BofI outsourced risky loans with a volume of 16 billion euros to the nationwide Irish Bad Bank, which is guaranteed by the Irish state.

Italy

The Italian Finance Minister Giulio Tremonti stated on October 13th, 2008 that the Italian government intends to provide “everything that is needed” to support the banks and the national financial system. There should be state guarantees for savings deposits up to a period of 36 months. The Italian national bank wants to grant the banks refinancing operations of up to 40 billion euros.

Numerous banks in Italy (as of September 2013) are affected by the permanent recession in the country. They have a lot of bad loans on their books. A crisis is publicly known at at least two banks, namely at Monte Paschi and at Banca Carige (Genoa). The Italian central bank accused Carige of trickery in accounting; she asked Carige to come up with a new business plan by the end of October. Carige may face nationalization. At the beginning of 2019, the European Central Bank placed Banca Carige under administration.

Austria

Headquarters of the largest bank in Austria, Erste Bank , which in October 2008 was the first major bank to increase its capital with the help of the federal government.

On October 13, 2008, Federal Chancellor Alfred Gusenbauer and Finance Minister Wilhelm Molterer once again confirmed the state guarantees for loans between banks of up to 85 billion euros. A further 15 billion euros in capital are directly earmarked for financially tight banks; in return, the state will take over shares in the institutes as a partial nationalization, for which an ÖIAG subsidiary will be established. After the ATX on the Vienna Stock Exchange fell by 29% in the week before this commitment, it rose again by 12.8% that day. This represented a record value for the stock exchange. After the German state announced that it would guarantee unlimited savings, the same thing was decided in Austria a few days later with a time limit until the end of 2009.

On October 17, 2008, the insolvency of Constantia Privatbank was only possible through takeover by five large banks, UniCredit Bank Austria , Erste Group Bank , Raiffeisen Zentralbank Österreich , Österreichische Volksbanken and BAWAG PSK , for "a symbolic amount" of one Euros to be averted. The state of Austria is liable for 400 million euros in liquidity, the OeNB guarantees a further 50 million euros. Problems with real estate companies, Immoeast and Immofinanz , got the bank into trouble. The rescue of Constantia Privatbank, a minimum deposit of 500,000 euros was necessary to open an account, at the expense of the taxpayer is controversial.

On October 29, the federal government agreed with the Financial Market Stability Act (FinStaG) on a bank aid program worth 100 billion euros, with 15 billion direct capital grants to the banks. 85 billion serve as default liabilities. The capital is allocated and managed through Finanzmarktbeteiligung Aktiengesellschaft , a subsidiary of ÖIAG. The state has no influence on the banks. The banks pay interest at 8% on the capital subsidies and pay back after five years at the latest.

On October 30th, Erste Bank was the first major bank to take advantage of the opportunity previously negotiated by the German government to increase its capital with participation certificates worth 2.7 billion euros. On November 3, 2008, Kommunalkredit Austria , the eighth largest bank in Austria, was nationalized for a symbolic purchase price of 2 euros and thus saved from collapse. In December 2008, the Austrian Ministry of Finance told that to the Group of BayernLB owned Hypo Group Alpe Adria 900 million euros in participation capital gets out of the bank bailout of the Republic of Austria. As a result, Hypo's core capital ratio will rise to 8.4 percent at the end of 2008.

Due to the intensive involvement of Austrian banks in the Central and Eastern European countries (CEEC), Austria's creditworthiness was questioned. The interest rate on Austrian government bonds rose by 95 basis points compared to the average for the past decades. Instead of a 25 basis point premium on the best-rated German government bonds, this premium is now 120 points. Measured by the interest rate, which reflects the risk of default assessed by investors, Austrian government bonds are among the worst rated in Western Europe, on par with Spain and Italy, but well behind Iceland and Ireland . International rating agencies even considered devaluing the credit rating down from Triple-A , which would have further increased the interest rates for Austrian government bonds. Moody’s warned that the “financial crisis in Eastern Europe” could have a negative impact on “banks in the West”. Fitch stated that it is concerned about the interdependence of Austria with Eastern Europe. The feared devaluation did not materialize for the time being. On February 23rd, Standard & Poor's confirmed their Triple-A and commented that it was assumed that Austria would be able to cope with the current difficulties. In April, the US star economist and Nobel laureate Paul Krugman predicted Austria - alongside Ireland and Iceland - as threatened with national bankruptcy due to its commitment to the east , an assessment that was vehemently rejected by Austrian government representatives and viewed in relation to stock market sentiment and speculation. In May 2009, the IMF formally apologized to Austria on the part of its boss Dominique Strauss-Kahn for a “human but unacceptable calculation error” that the IMF had made in its assessment of the Eastern market and that caused this whole affair.

Economic stimulus measure 2008/09
  		Volume
(in billions €)
Increase in disposable income 05.9
Increase in public spending 00.4
Investments in infrastructure 01.4
Lower financing costs for companies 02.1
Measures by the federal states 02.1
total 11.9
Source: APA / Wifo / SN

According to a study by the Institute for Economic Research (Wifo) from July 2009, the Austrian measures - primarily the economic stimulus packages I (2008) and  II (2009) as well as the tax reform 2009 , but also measures by the federal states and others - responded well : The dampening of the economic downturn is determined to be 2.1%, in 2010 there should be a cumulative 41,500 fewer unemployed than without them. Nevertheless, in August 2009 the number of registered people without work reached almost 300,000. This is the highest value for August since the census began in 1970, but also includes those who have reached an agreement on re-employment ( re-employment guarantee ). The main part of the measures is the increase in the disposable income of private households, primarily through the lowering of wage and income tax , but also the family package , the deductibility of donations or the eco-premium ( scrapping premium ) as well as the SME billion for small and medium-sized enterprises (KMB) .

Portugal

On April 27, 2010, Portugal was the second euro country after Greece to have its credit rating downgraded by the rating agency Standard & Poor’s . This increases the interest that must be paid on new government bonds , which further exacerbates the budget crisis. In 2009 the budget deficit was 9.4% (Germany: 3.3%; Greece: 13.6%), while the total debt was only 77% of the gross domestic product (Germany: 73.2%; Greece: 115.1%) . As a result, the stock exchanges in Europe collapsed, on April 27 the DAX lost 2.7% and the EURO STOXX 50 lost 3.7%. The Portuguese government is trying to counteract this with a massive austerity program, which is accompanied by protests and strikes in the country. After the resignation of the Portuguese Prime Minister José Sócrates on March 23, 2011 as a result of a lost vote on the government's austerity package, Standard & Poor's lowered the country's credit rating twice to BBB- shortly thereafter.

Spain

The Spanish government decided at the end of March 2009 to support the savings bank Caja Castilla-La Mancha with around nine billion euros.

United Kingdom

Queue outside the Northern Rock Bank on September 15, 2007 in Birmingham , England

The crisis of confidence between the banks triggered by the subprime crisis meant that the fourth largest British mortgage bank, Northern Rock, was no longer able to refinance itself from other banks. In addition, customers withdrew 3 billion pounds (4.35 billion euros) from the bank in just a few days in September 2007. The UK guarantee of the deposits did not have the desired effect. On February 18, 2008, the UK government announced the temporary nationalization of Northern Rock.

In September 2008 the crisis also led to the emergency sale of the major bank HBOS to the competitor Lloyds TSB , after it had carried out a capital increase with difficulty in the summer and further losses had been incurred. On September 28, 2008, it was announced that the British government was nationalizing the Bradford & Bingley banking company in order to assume liabilities equivalent to 63 billion euros and thus prevent the bank from collapsing. Of this, 52 billion come from mortgages that are rated as high-risk. After the nationalization, the branch network and the customers' savings accounts are to be taken over by the Spanish Banco Santander .

The British government presented a rescue plan for the financial sector in early October, which amounted to around 500 billion pounds (around 663 billion euros). Of this, 50 billion pounds should be available as capital directly to the ailing banks. On October 13, it was announced that the three British banks, Royal Bank of Scotland (RBS), HBOS and Lloyds TSB, would claim a total of 37 of the 50 billion pounds. In January 2009 the British state increased its stake in RBS from 58 to 70%.

The Bank of England lowered due to unfavorable economic development 6 November 2008 the key rate by 1.5 percentage points to 3.0% - the lowest level since 1954 - and again on 4 December 2008 by a further 1.0 to 2.0% and on January 8, 2009 again by 0.5 to 1.5%.

The EU Commission expected new borrowing of 8% of the gross domestic product by mid-January, but increased this forecast to just under 10% on January 19.

Hungary

The depreciation of the Hungarian forint against the euro favored that international investors, who made massive investments in the country in the course of the opening of the Eastern European economy, increasingly withdrew from the country. On October 27, 2008, the IMF announced that it would support Hungary with a rescue package to prevent Hungary's otherwise inevitable bankruptcy . The European Union and the World Bank are also participating in the rescue package; a total of 20 billion euros was granted to Hungary.

Iceland

Headquarters of Kaupthing Bank, the largest Icelandic bank.

The Icelandic government decided to nationalize Glitnir , the third largest bank in the country, at the end of September 2008 . A share of 75 percent was taken over for the equivalent of 600 million euros. On October 6, 2008, Icelandic Prime Minister Geir Haarde announced an emergency law to nationalize the three major Icelandic banks. The Kaupthing Bank , Landsbanki and Glitnir were affected . Haarde wanted these measures, according to his own statements, to avert the threat of national bankruptcy. Before that, the Icelandic krona had lost around a quarter of its value against the euro within a week in early October 2008. Since October 2007 the price had fallen by more than 70%. On October 16, 2008, the Icelandic government announced that it would fail to repay an outstanding US $ 750 million bond from the nationalized Glitnir Bank, making Iceland de facto insolvent. On October 30, the Icelandic deposit insurance authority established the compensation case for Kaupthing Bank.

Russia

President Dmitry Medvedev had promised the Russian banks loans with a term of at least 5 years of up to 950 billion rubles (around 27 billion euros) in order to strengthen their equity base. Several laws to stabilize the financial sector have been passed, the amount of which is estimated at around 112 billion euros. In addition to the direct effects of the financial crisis, Russia is being burdened by a massive outflow of capital abroad, which is partly due to a further decline in the confidence of foreign investors in the Russian economy, and by the sharp fall in the price of oil as a result of the financial crisis . Russia and its economic development in recent years are highly dependent on oil and gas exports.

Switzerland

In the summer of 2007, the major Swiss bank UBS had to close its in-house hedge fund Dillon Read Capital Management , which had speculated on US mortgage securities worth 150 million francs. In July, UBS separated from its CEO Peter Wuffli .

By December 2007, UBS had to write off a total of 15 billion Swiss francs. To strengthen the equity base, a sovereign wealth fund from Singapore and a previously unknown investor from the Middle East raised a total of around 13 billion Swiss francs by means of a mandatory convertible bond . This means that UBS is 9 percent owned by the city-state.

At the end of March 2008, another CHF 25 billion had to be written off and on April 1, 2008 UBS announced that another CHF 19 billion had to be written off. With almost 59 billion Swiss francs in depreciation, UBS was hit hardest worldwide. In the course of the new write-offs, UBS President Marcel Ospel announced that he would not run for another term at the next General Meeting.

In addition, other financial institutions had to announce larger write-offs:

  • The Credit Suisse had on 20 February 2008 (one week after the announcement of positive quarterly figures) grant, also with about 3 billion US dollars in the subprime market to have been committed.
  • The Swiss Re had to announce a write-down of 1.2 billion Swiss francs from hedging transactions.

On October 16, 2008, it became known that the Swiss government had subscribed to a mandatory convertible bond from UBS in the amount of 6 billion francs and that the Swiss National Bank had set up a special purpose vehicle into which UBS was outsourcing non-tradable securities up to a value of 60 billion US dollars can to remove them from their balance sheet and thus avert the threat of over-indebtedness. This led to an intense, emotional debate in Switzerland about the distribution of bonus payments.

At the beginning of November 2008, as part of the joint initiative of the world's leading banks, the Swiss National Bank reduced its key interest rates for its own financial sector by 0.5 percentage points to 2.0 percent and again at the beginning of December to 0.08 percent (three-month LIBOR target range: 0 , 5-1.5%).

Ukraine

Ukraine is particularly hard hit by the crisis. On October 13, 2008, the National Bank had to save the country's two largest banks from bankruptcy. The Prominvest Bank was placed under the supervision of the authorities. For a period of six months, the National Bank prohibited the early liquidation of savings in order to prevent a bank storm and a collapse of the financial system after the Ukrainians had previously withdrawn more than 1 billion savings from their accounts within a few days.

On October 16, 2008, the government asked the International Monetary Fund for help. Ukraine received a conditional loan of US $ 16.4 billion to avert national bankruptcy, which was to be disbursed in three tranches.

In the first half of 2009, GDP collapsed by 18 percent compared to the same period of the previous year, the national currency hryvnia depreciated sharply and production collapsed. Since about half of all loans are foreign currency loans, the country's borrowing costs rose significantly with the devaluation. The high dependency on energy imports and the energy-intensive economy with increased gas import prices also exacerbated the crisis.

Since the government of Ukraine did not want to meet the requirements of the Monetary Fund to significantly reduce the national deficit and adjust domestic gas prices to the world market, the IMF decided not to pay out the third tranche.

Russia threatened to stop delivering natural gas to Ukraine if billions worth billions were not paid on time.

America

United States

2007

August 9, 2007 is known as the beginning of the financial crisis , because on that day the interest rates for interbank financial loans skyrocketed. Many hedge funds had to be closed and liquidated. Several mortgage financiers specifically targeting the subprime segment had to apply for bankruptcy protection. The major American investment banks recorded losses running into billions.

American investment bank Merrill Lynch alone had to post $ 8.4 billion in write-downs, largely due to revaluations of sub-prime mortgage-related investment products (such as collateralized debt obligations and asset-backed securities ). These losses led to the resignation of company chairman Stanley O'Neal . Also, the company Citigroup announced billions amortization and the related resignation of company chairman Charles Prince .

2008

Alan Greenspan described the crisis in October 2008 as a "once in a century credit tsunami".

On January 22, January 30 and March 18, 2008, the Fed cut the main interest rate in stages from 4.25% to 3.50%, then to 3.00% and finally to 2.25% in order to avoid a feared recession to counteract. Due to the real estate crisis in the United States, Countrywide Financial was sold to the US company Bank of America .

On March 16, JPMorgan Chase & Co., with the support of the Fed, made a takeover bid for Bear Stearns . The takeover candidate was in trouble due to liquidity problems and rumors about these problems.

In July, the US Senate and House of Representatives agreed on the main features of a comprehensive so-called Housing Bill, which also includes the authorization of the US Treasury to support the mortgage banks Fannie Mae and Freddie Mac with loans or equity in an emergency. To finance this if necessary, the law increases the maximum permissible national debt of the US by 800 billion US dollars to 10.6 trillion. US dollars raised. That same month, IndyMac Bank came under the control of the Federal Deposit Insurance Corporation (FDIC). Uncertainty about solvency sparked a bank run in which investors withdrew more than $ 1.3 billion within a few days. The IndyMac collapse marks the second largest banking crash in US history. On September 7, 2008, the federal housing finance agency (FHFA) took control of Fannie Mae and Freddie Mac. Fannie and Freddie have a combined loan of 5.3 trillion. US $, which is nearly half of all US mortgage loans.

On September 15th, the fourth largest US investment bank, Lehman Brothers, had to file for bankruptcy, which, according to the Advisory Council, triggered a complete loss of confidence and led to the complete drying up of the interbank market. The US government had refused to bail out the bank and its mostly foreign creditors. Lehman Brothers' outstanding debt is estimated at more than $ 600 billion. On the same day, the investment bank Merrill Lynch reached an agreement with Bank of America . The investment bank buys the latter. On September 16, AIG , the largest American insurer, which was also in financial distress, received a bridging loan of 85 billion US dollars from the Fed and was nationalized in return : the US government took over 79.9 percent of AIG's shares.

On September 19, 2008, the Securities and Exchange Commission banned short selling of financial securities "temporarily" "until the markets stabilize again". On September 22nd it was announced that the investment banks Morgan Stanley and Goldman Sachs wanted to transform themselves into normal commercial banks.

US Treasury Secretary Henry Paulson proposed a controversial $ 700 billion bailout fund to combat the crisis. This was rejected by 228 parliamentarians on September 29th, causing the largest absolute price loss on Wall Street to date. On October 3, the original three-page bill was re-submitted as a 400-page draft law (“ Emergency Economic Stabilization Act of 2008”) and passed with 263 votes to 171. On the same day, it was announced that Wachovia will be acquired for $ 15.1 billion in shares of Wells Fargo .

The US insurance company American International Group (AIG) received another capital injection of 37.8 billion US dollars from the US Federal Reserve on October 8. The Fed is taking over investment papers from AIG and will provide the cash in return. On October 21, 2008, the US Federal Reserve backed money market funds with $ 540 billion. The Bloomberg news agency announced on November 12, 2008 that it would be suing the Fed's lack of transparency in lending, citing the Freedom of Information Act . In addition, the original volume of the rescue package has increased from 700 billion to 7.7 trillion US dollars.

In November 2008, Ben Bernanke told a committee of inquiry in support of his monetary policy that in September and October only one of the thirteen largest banks in the United States was not at risk. On November 23, the United States Department of the Treasury , the Federal Reserve and the FDIC jointly issued a statement on a government aid plan to stabilize Citigroup . The agreement aims to protect approximately $ 306 billion in assets from loss through government guarantees . In return, the US Treasury Department and the FDIC will receive $ 7 billion of preferred stock . In addition, the Treasury Department will invest $ 20 billion from the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act in Citigroup preferred stock with a dividend of 8%. On Nov. 25, the Federal Reserve said it was ready to buy up to $ 600 billion in mortgage-backed securities, primarily from Fannie Mae and Freddie Mac, over the coming quarters to help boost the U.S. housing market animate. On December 16, 2008, the Federal Reserve cut the key interest rate to zero to a quarter percent. The US Federal Reserve also injects liquidity into the economy by buying up securities. As a result, your total assets have grown from around $ 900 billion in September 2008 to $ 2.2 trillion in December. Previously on December 9, 2008, the demand for US government bonds with a four-week term was so great that the yield fell to zero percent. The yield on three-month securities had fallen below zero percent for the first time since 1940 due to the great demand from investors.

2009

In a speech on January 13, 2009, Ben Bernanke , chairman of the US Federal Reserve , stated that he was pursuing a monetary policy in the sense of “credit easing” as opposed to quantitative easing .

The US government is granting Bank of America $ 20 billion in fresh capital plus guarantees for up to $ 118 billion from troubled assets. The bank had in the fourth quarter of 2008 a loss of 2.39 billion dollars (1.8 billion euros), the investment bank Merrill Lynch acquired in September of 15.3 billion dollars.

The Senate, meanwhile, has released the second half of the government's $ 700 billion bailout for the financial industry. This allows the US Treasury Department to fall back on the remaining $ 350 billion.

On February 18, 2009, US President Barack Obama announced another aid package for threatened homeowners in Phoenix, which was particularly hard hit by the US real estate crisis . According to this, up to 9 million families are to be saved from the foreclosure of their homes with a rescue package amounting to 75 billion US dollars. In addition, the US mortgage banks Fannie Mae and Freddie Mac are to be strengthened.

To facilitate mortgage borrowing and support the real estate market, the Federal Reserve decided to expand the bank balance sheet by buying mortgage-backed securities for an additional $ 750 billion , making $ 1.25 trillion of those securities have been bought this year. In addition, in 2009 government-sponsored enterprises bought securities worth US $ 200 billion. In order to improve conditions on the capital markets, it was also decided to buy longer- dated federal treasury bonds worth up to 300 billion US dollars over the next six months . Government bonds immediately gained in value, the value of the dollar fell against the euro.

As of April 1, 2009, four smaller banks in the USA began to repay their capital aid through the government's TARP rescue program (Troubled Asset Relief Program) in order to reduce the state's influence and to save the future rising interest rates on capital. These were the Signature Bank in New York (repayment of 120 million US dollars), the Old National Bancorp in Indiana (100 million US dollars), the Iberiabank in Louisiana (90 million US dollars) and the Bank of Marin Bancorp in California ($ 28 million).

In mid-June 2009, several major US banks repaid $ 66 billion in state aid: JP Morgan Chase ($ 25 billion), Morgan Stanley (10), Goldman Sachs (10), American Express , Bank of New York Mellon between 1.6 and 6, 6 billion dollars.

In August 2009, the regional banks Colonial Bank from the state of Alabama, Guaranty Bank from Texas and other smaller banks went bankrupt.

2010

The Horizon Bank of Bellingham went bankrupt on January 8, the first bank of the year. Washington Federal Savings will take over the deposits and assets .

2011

A second program to buy government bonds, also known as “ Quantitative Easing II ” (“QEII”), was initiated by the Federal Open Market Committee on November 3, 2010 and lasted until the end of June 2011.

Canada

In contrast to the USA, Canada's real estate market and the banking industry were not very vulnerable. The country also benefited from the sharp rise in raw material prices when the signs of a recession were clearly visible in the USA. However, since the export economy is heavily dependent on the economy of its southern neighbor, this, together with falling prices for oil and other raw materials, resulted in a decline in economic output. As a result, the Bank of Canada has been expecting the country to plunge into recession since early December 2008 and has therefore lowered the key rate from 2.25 to 1.5%.

After the US auto companies, which are also heavily invested in Ontario , were to be supported by the government, and the retailers complained about a decline in sales of 1.6%, the government also decided on a kind of rescue plan. The 2009 budget is $ 30 billion to combat the recession.

The central bank expects the economy to contract by 1.2% in 2009. Unemployment stood at 8.7% in August 2009 (September 2007 5.9%). According to the Canadian central bank, the economy contracted by 7.3% in the first quarter of 2009. This is the sharpest drop in GDP in a quarter since statistics began in 1961.

Mexico

In April 2009, the International Monetary Fund granted Mexico a credit line of US $ 47 billion to protect the country against the crisis.

Asia

People's Republic of China

On November 9, 2008, the Chinese government announced an economic stimulus program worth the equivalent of 460 billion euros, which was justified with the financial crisis.

A year later, on November 4, 2009, this program had had a stronger effect than expected, so that the World Bank had to increase its "forecast" for growth in Chinese gross domestic product in the current year by 1.2% to + 8.4%.

Japan

The Bank of Japan lowered its key rate 31 October 2008 to a historical low of 0.3%. Japan's gross domestic product fell price-adjusted in the fourth quarter of 2008 by 12.7% compared to the same quarter of the previous year. In August 2009 the deflation rate rose to 2.4% and was thus higher than during the Lost Decade.

Africa

Most of the African banks were not directly involved in the speculation; therefore the consequences of the crisis were initially limited there. But declining investment from industrialized countries soon set African development back, even though they were not involved in the crisis itself. In May 2009, forecasts already predicted an average collapse of the African gross domestic product by half.

In October 2009, however, the IMF was already optimistic that the consequences in Africa would not be so severe.

Individual evidence

  1. ↑ Thorsten Denkler: Steinbrück against the rest of the world: The Bad Guy in Law, sueddeutsche.de, December 11, 2008.
  2. ↑ Economic stimulus package: Steinbrück warns of a higher government deficit, ( Memento from February 24, 2009 in the Internet Archive ) sueddeutsche.de, January 14, 2009.
  3. ↑ Forecast of the EU from November 3, 2008: For Germany, France and Italy 2009 zero growth is expected, while in England, Ireland and Spain even a negative number is expected. For exact figures, see the article Economic Growth: Europe .
  4. ↑ ECB: Monetary policy decisions . November 6, 2008.
  5. ↑ ECB: Monetary policy decisions, December 4, 2008.
  6. ^ ECB: Monetary Policy Decisions, January 15, 2009.
  7. ^ ECB: Monetary Policy Decisions, April 2, 2009.
  8. ^ ECB: Monetary Policy Decisions, May 7, 2009.
  9. ↑ rss-nachrichten.de ( Memento of the original from June 5, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. accessed May 7 @1@ 2Template: Webachiv / IABot / www.rss-nachrichten.de
  10. ↑ The EU's trillion thing . In: Salzburger Nachrichten . August 14, 2009, Börse, p. 19 ( article archive ).
  11. ↑ Benelux countries save financial giants Fortis with a billion-dollar injection, Spiegel Online , September 28, 2008 (accessed on May 1, 2009).
  12. ↑ Financial crisis in Belgium: Dexia Bank receives government aid, Spiegel Online , September 30, 2008 (accessed on May 1, 2009).
  13. ↑ expatica.com ( Memento from September 23, 2011 in the Internet Archive )
  14. ↑ Dexia parts with life insurance . Luxembourg word
  15. ↑ EU Commission: Inquiry about rescue plan from Dexia. ( Memento of December 30, 2009 in the Internet Archive ) RTL - March 13, 2009, 12:36 - Fir d'lescht updated: March 19, 2009, 9:15.
  16. ↑ KBC: rembourse par anticipation une nouvelle tranche d'aide publique . Boursier.com January 8, 2014
  17. ^ Another rescue operation for Fortis, handelsblatt.com, October 4, 2008 (accessed on May 1, 2009).
  18. ↑ Purchase price is 14.5 billion euros - BNP Paribas takes over Fortis. In: handelsblatt.com. October 6, 2008, accessed February 14, 2019 .
  19. ↑ ING Groep
  20. ↑ www.minfin.nl
  21. ↑ faz.net February 1, 2013 "Netherlands nationalize financial group SNS Reaal"
  22. ↑ nationalbanken.dk
  23. ↑ IKB crisis intensifies. Shaky Mortgage Bonds. Süddeutsche Zeitung , August 11, 2007, accessed on October 3, 2010 .
  24. ↑ Crisis in the financial markets - companies threatened with credit crunch . handelsblatt.com, August 20, 2007 (accessed April 3, 2009).
  25. ↑ No solution in sight for WestLB - harsh criticism of the savings banks against the NRW state government ( Memento from February 1, 2009 in the Internet Archive ). tagesschau.de, February 7, 2008 (accessed April 3, 2009).
  26. ^ Deutsche Bundesbank: Results of the macroeconomic financial accounts for Germany 1991 to 2007 . Special release, June 4, 2008.
  27. ↑ Financial crisis spoils Deutsche Bank's first quarter . reuters.de, April 1, 2008 (accessed May 3, 2009).
  28. ↑ General decree of the BaFin of September 19, 2008 .
  29. ↑ FAQ on the general decrees of the BaFin of September 3, 2009 ( Memento of May 23, 2010 in the Internet Archive ) (accessed on May 3, 2009).
  30. ↑ Bafin prohibits short sales even longer . Frankfurter Allgemeine Zeitung , March 31, 2009, p. 21.
  31. ↑ see also A Short Selling Ban That Forbids Almost Nothing , FAZ May 19, 2010
  32. ↑ Dax group Hypo Real Estate is fighting for survival. Spiegel Online, September 28, 2008. Retrieved May 3, 2009.
  33. ↑ Finance consortium supports Hypo Real Estate with a billion- euro loan. Spiegel Online, September 29, 2008 (accessed May 3, 2009).
  34. ↑ After the failure of the € 35 billion crisis summit package, HRE is supposed to save . ( Memento of October 8, 2008 in the Internet Archive ) tagesschau.de, October 5, 2008. Accessed on May 3, 2009.
  35. ↑ The federal government and the financial sector reach agreement - 15 billion euros more credit for HRE . tagesschau.de, October 6, 2008.
  36. ↑ Transcript of the press conference on 5 October 2009 ( Page no longer available , searching web archives: archiv.bundesregierung.de ); Torsten Albig , spokesman for Federal Finance Minister Peer Steinbrück on the guarantee issued by the federal government regarding savings deposits. ( Video on bundesfinanzministerium.de ( Memento of the original from June 5, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this note. )@1@ 2Template: Toter Link / archiv.bundesregierung.de  @1@ 2Template: Webachiv / IABot / www.bundesfinanzministerium.de
  37. ^ Press release from the Federal Ministry of Finance . web.archive.org .
  38. ↑ IMF: German economy shrinks in 2009 . FAZ.net November 6, 2008.
  39. ^ IMF report . Retrieved November 6, 2008.
  40. ↑ Annual Economic Report 2009 "Economic growth policy". ( Memento of February 6, 2009 in the Internet Archive ; PDF) p. 11.
  41. ↑ Federal Ministry of Finance : Information on measures taken by the Federal Government to stabilize the financial markets. ( Memento from December 28, 2008 in the Internet Archive )
  42. ↑ Financial Market Stabilization Act ( Federal Law Gazette 2008 I p. 1982 )
  43. ^ German Bundestag - Information on the Financial Market Stabilization Act ( Memento from August 5, 2009 in the Internet Archive )
  44. ↑ Billion rescue for German banks . tagesschau.de
  45. ^ BMF : website with further links. ( Memento from September 12, 2009 in the Internet Archive )
  46. ↑ Financial crisis - EU Commission approves German rescue package . rp-online.de
  47. ^ Press release of the BMWi from November 5, 2008.
  48. ^ Bad bank model decided ( Memento of July 5, 2011 in the Internet Archive ). Press release of July 3, 2009.
  49. ↑ Federal Statistical Office November 24, 2009 ( Memento from August 26, 2009 in the Internet Archive )
  50. ↑ Page no longer available , search in web archives: press release BMAS November 25, 2009 (PDF)@1@ 2Template: Toter Link / www.bmas.ivbb.bund.de
  51. ↑ EAA website.
  52. ↑ Bundestag printed paper 17/1522 (PDF; 106 kB) Response of the Federal Government to the LINKEN's minor question, April 26, 2010.
  53. ^ "Bundestag reactivates SoFFin - The return of the bank rescuers" ARD Tagesschau January 26, 2012
  54. ↑ Press release of the Deutsche Bundesbank of April 16, 2013: "German Maastricht debt level 2012 rises from € 2.17 trillion to 81.9% of GDP"
  55. ↑ Government gross debt - annual data. In: Eurostat. Retrieved February 2, 2019 .
  56. ↑ The budget deficits of the EU countries ( Memento of December 12, 2009 in the Internet Archive )
  57. ^ Greece: New Hercules wanted ( Memento from December 15, 2009 in the Internet Archive )
  58. ↑ Ferry Batzoglou, Clemens Höges: The power of the Fakelaki . In: Der Spiegel . No. 53 , 2009, p. 92-94 ( online ).
  59. ↑ FTD : Ireland steps in for bank deposits ( Memento from August 4, 2012 in the web archive archive.today ) (dpa, September 30, 2008 10:21 am)
  60. ^ Extension for short term bank guarantee . archive.merrionstreet.ie, September 7, 2010; Retrieved December 20, 2011
  61. ^ Bank guarantee scheme extended to next June . ( Memento of March 4, 2011 on the Internet Archive ) The Irish Times, November 10, 2010; Retrieved December 20, 2011
  62. ↑ Commission approves extended guarantee . The Irish Times, December 8, 2011; Retrieved December 20, 2011
  63. ↑ Tagesschau : Ireland nationalized first bank
  64. ↑ [europa.eu: State aid: Commission approves capital injection for Anglo Irish Bank]
  65. ^ Anglo Irish Bank
  66. ↑ handelsblatt.com
  67. ↑ handelsblatt.com
  68. ↑ spiegel.de
  69. ↑ handelsblatt.com
  70. ↑ handelsblatt.com
  71. ↑ Archive link ( Memento from January 25, 2009 in the Internet Archive )
  72. ↑ DerStandard.at: Rescue trips for Europe's banks from October 13, 2008. Birgit Baumann, Sebastian Borger , Stefan Brändle, Thesy Kness-Bastaroli, Der Standard, print edition, October 14, 2008.
  73. ^ FAZ September 11, 2013: New crisis bank in Italy
  74. ↑ spiegel.de
  75. ↑ Rescue operations give hope. ORF , October 13, 2008.
  76. ↑ Takeover: Constantia Privatbank is shared by five banks . The press , October 17, 2008.
  77. ↑ Leo Furtlehner: A criminal organization. KPÖ Upper Austria, October 20, 2008.
  78. ↑ The way is now free for the 100 billion package. ORF, October 30, 2008.
  79. ↑ First takes aid package. ORF, October 30, 2008.
  80. ↑ Kommunalkredit: Federal government takes over 99.8 percent. In: The press . November 3, 2008.
  81. ↑ Austria's triple A rating under observation. Neue Zürcher Zeitung , February 24, 2009, p. 24 (Reuters).
  82. ↑ Richard Wiens: Nobel Prize winners can also be wrong . In: Salzburger Nachrichten . April 16, 2009, Standpunkt, p. 1 ( article archive ).
  83. ↑ Christian Hunger: IMF false prognosis: Strauss-Kahn apologizes. Ö1 evening journal May 15, 2009 (online: page no longer available , search in web archives: ORF Inforadio , also audio; quotation literally).@1@ 2Template: Toter Link / oe1.orf.at
  84. ↑ a b c Packages with effective content . In: Salzburger Nachrichten . August 28, 2009, Wirtschaft, p. 12 ( article archive ).
  85. ↑ 238,803 registered unemployed , 57,694 in AMS training. Source: Christof Leitl (Chamber of Commerce) / AMS / APA, quoted after almost 300,000 without work . In: Salzburger Nachrichten . September 2, 2009, Wirtschaft, p. 14 ( article archive ).
  86. ↑ Will Portugal be the next Greece? FAZ, April 27, 2010
  87. ↑ Martin Greive: Rating agency waddles Portugal again. welt.de, March 30, 2011, accessed March 30, 2011 .
  88. ↑ FTD : Caja Castilla la Mancha - Spain has to support the first bank ( memento of December 30, 2010 in the Internet Archive ) of March 29, 2009.
  89. ^ Die Welt, September 18, 2007: Investors relieved - bank customers doubt
  90. ↑ Media release HM Treasury - Statement re Northern Rock, February 18, 2008.
  91. ↑ Bradford & Bingley is nationalized, ( Memento of September 29, 2008 in the Internet Archive ) in: netzeitung, September 28, 2008.
  92. ↑ Bank of England Reduces Bank Rate by 1.0 Percentage Points to 2.0% ( Memento from December 31, 2008 in the Internet Archive ). bankofengland.co.uk, December 4, 2008 (accessed May 1, 2009); Report from the Bank of England ( Memento of December 18, 2008 in the Internet Archive ) of November 6, 2008.
  93. ^ Announcement ( Memento of March 15, 2010 in the Internet Archive ) of the Bank of England of December 4, 2008
  94. ^ Announcement by the Bank of England ( memento of March 6, 2010 in the Internet Archive ) of January 8, 2009 (accessed on May 1, 2009).
  95. ↑ British deficit explodes with second bank rescue package, in: heise online, January 20, 2009. ( Memento from March 5, 2016 in the Internet Archive )
  96. ↑ Tagesschau: IMF rushes to aid Hungary and Ukraine, October 27, 2008.
  97. ↑ Rescue from national bankruptcy - World supports Hungary with 20 billion euros . ( Memento from August 3, 2012 in the archive.today web archive ) FTD, October 29, 2008.
  98. ↑ A 20 billion loan should help Hungary . Der Standard, October 29, 2008.
  99. ↑ Iceland is preparing to nationalize banks. FAZ
  100. ↑ Iceland takes total bank control . Spiegel Online , October 7, 2008.
  101. ↑ Iceland no longer pays. ( Memento from September 17, 2009 in the Internet Archive ) Financial Times Deutschland (FTD), October 16, 2008:
  102. ↑ Compensation promised . ( Memento from February 12, 2009 in the Internet Archive ) finanz-krise.info
  103. ↑ Savers hope for money . ( Memento from January 24, 2009 in the Internet Archive ) Börse Online, October 31, 2008
  104. ↑ Consequences of the financial crisis: Russia's economy is drawn into the downward spiral . Mirror online
  105. ↑ Stan O'Neal splits Wall Street. In: Financial Times Germany. October 28, 2007, archived from the original on March 13, 2010 ; accessed on February 15, 2019 .
  106. ↑ Singapore sovereign wealth fund bailed out UBS. In: Neue Zürcher Zeitung . December 10, 2007, accessed February 15, 2019 .
  107. ↑ The subprime crisis catches up with Credit Suisse again. In: Neue Zürcher Zeitung. February 19, 2008, accessed February 15, 2019 .
  108. ↑ Loss of billions for reinsurer Swiss Re. In: Neue Zürcher Zeitung. November 19, 2007, accessed February 15, 2019 .
  109. ↑ SF Tagesschau : “Billion Package for UBS” , October 16, 2008.
  110. ↑ Huge annoyance about UBS bonus policy. In: Neue Zürcher Zeitung. October 18, 2008, accessed February 15, 2019 .
  111. ↑ Seven central banks jointly reduce the key interest rate. In: NZZ Online. October 8, 2008, accessed February 15, 2019 .
  112. ^ Current interest rates and exchange rates. In: Swiss National Bank. Archived from the original on January 27, 2010 ; accessed on February 15, 2019 .
  113. ↑ Russia News: Ukraine asks IMF for assistance in financial crisis
  114. ↑ Ukraine - Economic Data Sheet . Federal Foreign Office, March 1, 2011, accessed March 30, 2011 .
  115. ↑ Der Standard: Monetary Fund turns the tap on Ukraine
  116. ↑ FOCUS: Ukraine needs billions of euros in credit from the EU to pay for Russian gas
  117. ↑ The permanent crisis - how it all began
  118. ^ Paul Krugman: A (Subprime) Catastrophe Foretold. In: Spiegel Online . October 26, 2007, accessed June 9, 2018 .
  119. ↑ FTD: Blackrock man moves to the top of Merrill Lynch ( Memento of March 13, 2010 in the Internet Archive )
  120. ↑ FTD: Citigroup triggers financial quake ( Memento from October 10, 2009 in the Internet Archive )
  121. ↑ Washington Post : Greenspan Says He Was Wrong On Regulation
  122. ↑ Crash of the American house brand . Spiegel Online , January 11, 2008.
  123. ↑ Handelsblatt: Bank of America buys subprime victims
  124. ↑ Neue Zürcher Zeitung: “Bear Stearns close to collapse” , March 14, 2008.
  125. ^ Neue Zürcher Zeitung: JP Morgan Chase takes over Bear Stearns, March 17, 2008.
  126. ↑ Manager Magazin: Bear Stearns: Shareholders Against Takeover
  127. ^ Neue Zürcher Zeitung: Comprehensive Housing Bill on the home straight, July 24, 2008.
  128. ↑ Frankfurter Allgemeine Zeitung: July 29, 2008, p. 13.
  129. ↑ Der Standard : Bausparbank IndyMac broke: Second largest bank crash in US history, July 13, 2008.
  130. ↑ US government takes over Freddie Mac and Fannie Mae . Spiegel Online , September 7, 2008.
  131. ↑ a b Frankfurter Allgemeine Zeitung: America nationalized Freddie and Fannie, September 8, 2008.
  132. ↑ " Fannie Mae and Freddie Mac , however, pose an exponentially larger problem. They are unquestionably ' too big to fail '". The New York Times : Borrowers and Bankers: A Great Divide , July 25, 2008.
  133. ↑ WirtschaftsBlatt : Lehman History: From the general store to the fourth largest US investment bank ( Memento from September 18, 2008 in the Internet Archive )
  134. ^ Annual report 2008/09 of the Expert Council , p. 117.
  135. ^ Dorothea Schäfer: Agenda for a new financial market architecture . In: DIW weekly report of December 17, 2008.
  136. ↑ After Lehman's bankruptcy: Emergency fund to avert stock market crash . ( Memento from July 31, 2012 in the web archive archive.today ) Financial Times Deutschland
  137. ↑ US government nationalizes AIG . ( Memento from July 31, 2012 in the web archive archive.today ) Financial Times Deutschland
  138. ^ SEC Temporarily Blocks Short Sales of Financial Stocks . New York Times , September 19, 2008.
  139. ↑ Last US investment banks give up business model . Reuters
  140. ↑ Bush signs US bailout package for the financial sector . Spiegel Online , October 3, 2008.
  141. ↑ 700 billion aid decided. Help is coming, prices are falling . Spiegel Online , October 3, 2008.
  142. ↑ US aid package. This will not end the crisis . Spiegel Online , October 4, 2008.
  143. ↑ Wells Fargo buys Wachovia . ( Memento from January 23, 2009 in the Internet Archive ) Financial Times Deutschland, October 3, 2008.
  144. ↑ The Fed is pumping billions more into the AIG . NZZ , October 9, 2008.
  145. ↑ Fight against the financial crisis - Fed pumps $ 540 billion into money market funds . ( Memento from October 22, 2008 in the Internet Archive ) Financial Times Deutschland
  146. ↑ US Pledges Top $ 7.7 Trillion to Ease Frozen Credit (Update2). In: Bloomberg.com. November 24, 2008. Retrieved November 25, 2008 .
  147. ↑ ARD: "What did the Fed do with 2 trillion?" ( Memento from December 7, 2009 in the Internet Archive )
  148. ↑ Page no longer available , search in web archives: CNBC January 27, 2011: "All But One Major Firm at Risk in 2008: Bernanke"@1@ 2Template: Dead Link / www.cnbc.com
  149. ^ Joint Statement by Treasury, Federal Reserve and the FDIC on Citigroup
  150. ^ State supports Citigroup with 326 billion dollars, FAZ of November 25, 2008.
  151. ^ Fed press release
  152. ↑ Fed press release
  153. ^ Frankfurter Allgemeine Zeitung: Aggressive Responses to the Economic Crisis, December 18, 2008.
  154. ↑ Stuttgarter Zeitung : Investors give US 30 billion interest-free, December 11, 2008.
  155. ↑ Speech by Ben Bernanke , Federal Reserve, January 13, 2009.
  156. ↑ a b With $ 20 billion - State joins Bank of America. FAZ , January 16, 2008.
  157. ↑ Obama wants to help homeowners with $ 75 billion. Spiegel Online , 18. February 2009.
  158. ↑ Obama's mortgage plan costs 75 billion . handelsblatt.com
  159. ^ Fed press release . March 18, 2009; Fed minutes from 17./18. March 2009 on decision-making. (PDF; 272 kB) accessed April 9, 2009 (English).
  160. ↑ Note: The yield on ten-year Treasury bonds fell from 3.01 to 2.48%, the euro rose against the dollar from 1.26 to 1.36.
  161. ↑ First smaller US banks give back financial aid . ( June 3, 2009 memento on the Internet Archive ) Financial Times, April 1, 2009.
  162. ^ Reports of the Department of the Treasury on the status of aid and repayments.
  163. ^ List of the New York Times ( Memento of October 14, 2013 in the Internet Archive )
  164. ↑ $ 66 billion - major US banks repay state money . manager-magazin.de, June 17, 2009.
  165. ↑ US financial crisis continues . ( Memento from August 4, 2012 in the web archive archive.today ) Financial Times
  166. ↑ Bank failure number 81.Süddeutsche Zeitung, August 24, 2009.
  167. ↑ Page no longer available , search in web archives: First bank failure in the USA this year . Handelszeitung , January 9, 2010.@1@ 2Template: Dead Link / www.handelszeitung.ch
  168. ↑ Unbroken wave of bankruptcies: Supervisors shut down Horizon Bank . n-tv , January 9, 2010.
  169. ↑ FOMC press release on November 3, 2010
  170. ↑ Canada is entering a recession, Decides Bank of Canada . ( Memento of the original from April 6, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. In: The Vancouver Sun , December 9, 2008. @1@ 2Template: Webachiv / IABot / www.vancouversun.com
  171. ↑ Federal plans will add $ 50B to debt: Think-tank, ( Memento of the original from April 13, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. in: The Vancouver Sun, January 21, 2009. @1@ 2Template: Webachiv / IABot / www.vancouversun.com
  172. ↑ Canadian Economy Online ( Memento of 27 February 2009 at the Internet Archive ) on the website of the Canadian government.
  173. ↑ AP - Canada's GDP if 7.3 percent
  174. ↑ Communication from the IMF of April 17, 2009
  175. ^ German site of the China Internet Information Center (CIIC)
  176. ↑ Nachrichten des Deutschlandfunk, dradio.de , → Nachrichten, → Archiv, accessed on November 4, 2009 at 8:00 a.m.
  177. ↑ Japan cuts key interest rates to 0.3 percent . Mirror online
  178. ↑ Japan's economy crashes . Focus Online
  179. ↑ deflation to pester Japan till 2012: IMF . The Japan Times
  180. ↑ Africa defies the financial crisis . Zeit Online , October 16, 2008.
  181. ↑ The financial crisis throws Africa back . Deutsche Welle , February 16, 2009.
  182. ↑ Wall Street reaches as far as Africa, ( Memento from May 27, 2009 in the Internet Archive ) tagesschau.de, May 24, 2009.
  183. ↑ Effects of the financial crisis in Africa,  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. Deutsche Welle October 5, 2009.@1@ 2Template: Toter Link / www.podcast.de