December 6, 2007: President George W Bush outlines plans to protect more than a million homeowners hit by the US housing slump. The Bank of England cut UK interest rates for the first time since 2005, amid signs that the economy is slowing.
Sensex ended up 170 points at 19,966 on December 7.
December 10, 2007: Swiss bank UBS reports a further $10-billion write-down caused by bad debts in the US housing market. Lloyds TSB reveals that bad debt linked to the US sub-prime mortgage crisis will cost it pound 200 million.
December 11, 2007: Fed cut interest rates for a third time to 4.25 per cent to ease the credit crunch.
On December 12, the Sensex gained 85 points.
December 13, 2007: World central banks agree coordinated action to inject at least $100 billion into short-term inter-bank credit markets to restore confidence.
The Sensex, however, ended down 74 points at 20,031 on December 14.
Image: A sign hangs outside a Lloyds bank on Threadneedle St in London | Photograph: Daniel Berehulak/Getty Images
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