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Lehman Brothers collapse
The collapse of the Lehman Brothers Bank sparked the financial crisis in 2008 -
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Financial Crisis
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Financial Crisis Spreads to Europe
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Central Banks cut rates to aid world economy
Central banks in Canada, USA, England, China, Sweden, Switzerland and the European Central Bank cut rates in a coordinated effort to aid world economy. -
Black Stone CEO announced 45% of global wealth lost
In March 2009, Blackstone Group CEO Stephen Schwarzman said that up to 45% of global wealth had been destroyed by the global financial crisis -
Global production for 2009 down by 2.9%
On June 22 the World Bank projected that the global production for 2009 would fall by 2.9%, the first decline since the second world war