Posted December. 25, 2008 06:46,
On Sept. 15, the fourth-largest U.S. investment bank Lehman Brothers filed for Chapter 11, a signal that the U.S. financial crisis would spread to the global economy. Merrill Lynch and AIG also collapsed, leading to panic in world financial markets.
Stock prices plunged and the top three U.S. carmakers teetered on the verge of collapse.
The world is facing its worst economic downturn since the Great Depression.