Three years ago to the day, BNP Paribas, the French banking giant, suspended redemptions on three funds, marking the beginning of the credit crunch.
The collapse of the US subprime market and its knock-on effects of the mortgage-backed securities market began a series of crisis that have come close to bringing the global economy to its knees.
Three years later, it appears the world remains clouded by uncertainty. Unprecedented actions by central banks and governments across the world have averted a melt-down in the global economy but commentators say we are not out of the woods yet.
"The crisis will be over when bank lending returns to normal, equities rise and risks come down, this has not yet happened," Brendan Brown, head of research at Mitsubishi UFJ Securities, said.
"The major problem is that quantitative easing has been counter-productive. The central banks have stopped prices from falling. When prices fall, people buy but by shoring up asset prices the central bankers have stood in the way of recovery," he added
Source: CNBC/Yahoo Finance
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