The story

The credit crisis has transformed the global financial landscape, bankrupting established names and prompting unprecedented interventions by governments and central banks to save others from collapse as they buckle under the weight of "toxic debts." This timeline charts the key moments in that process.

2007 Feb. 7: HSBC announces losses linked to U.S. subprime mortgages.

May 17: Federal Reserve Chairman Ben Bernanke said growing number of mortgage defaults will not seriously harm the U.S. economy. Read full article »

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