(CNN) -- 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.



A trader at the New York stock exchange reacts to the fall of global stock markets



June: Two Bear Stearns-run hedge funds with large holdings of subprime mortgages run into large losses and are forced to dump assets. The trouble spreads to major Wall Street firms such as Merrill Lynch, JPMorgan Chase, Citigroup and Goldman Sachs which had loaned the firms money.



Aug.: French bank BNP Paribas freezes withdrawals in three investment funds.



Sept.: Crisis-hit UK bank Northern Rock admits financial difficulties as it asks Bank of England for assistance. Share prices fall as customers queue up to withdraw their money.



Oct. 1: Swiss bank UBS announces losses liked to U.S. subprime mortgages.



Oct. 5: Investment bank Merrill Lynch reports losses of $5.5 billion.



Oct. 15: Cititgroup announces $6.5 billion third quarter losses.



Oct. 24: Merrill Lynch announces losses to be over $8 billion.



2008 Jan: Swiss bank UBS announces fourth quarter losses at $14 billion.



Jan. 11: Bank of America pays $4 billion for Countryside Financial.



Jan. 15: Citigroup reports $18.1 billion loss in fourth quarter.



Jan. 17: Merrill Lynch reports $11.5 billion loss in fourth quarter. Washington Mutual posts losses.



Feb. 13: UK bank Northern Rock is nationalized.



March: UK hedge fund Peloton Partners and U.S. fund Carlyle Capital fail.



March 16: Bear Stearns, the U.S.'s fifth largest investment bank, collapses and is taken over by JP Morgan.



April 1: German Deutsche Bank credit losses of $3.9 billion in first quarter.



April 13: U.S. bank Wachovia Corp. reports big loss for quarter.



May 12: HSBC writes off $3.2 billion in the first quarter linked to exposure to the U.S. subprime market.



July 22: WaMu reports $3.3 billion loss for second quarter.



Aug. 31: German Commerzbank AG takes over Dresdner Kleinwort investment bank.



Sept 7: Fannie Mae and Freddie Mac effectively nationalized by the U.S. Treasury which places them into "conservatorship."



Sept. 9: Lehman Brothers shares plummet to lowest level on Wall Street in more than a decade.



Sept 14: Lehman Brothers files for bankruptcy. Stock markets plummet; Central banks inject billions of dollars into money markets. Bank of America agrees to buy Merrill Lynch.



Sept. 16: AIG Corp, the world's biggest insurer, bailed out by the U.S. Federal Reserve. Morgan Stanley and Wachovia enter merger talks.



Sept. 17: Halifax Bank of Scotland (HBOS) to merge with UK bank Lloyds TSB in an emergency rescue plan.



Sept. 18: Federal Bank and other central banks inject billions into global markets to help ease the crunch.



Sept. 22: Japan's Nomura Holdings buys Lehman's Asian operations for up to $525 million.



Sept. 25: WaMu sold to JP Morgan.



Sept. 27: HSBC announces 1,100 job cuts worldwide.



Sept. 29: - U.S. Congress rejects $700 billion plan to bail out the U.S. financial system. - UK's Bradford & Bingley nationalized. Santander to buy deposits for $38.2bn  - German bank Hypo Real Estate to be bailed out by banks and government. - Citigroup, the world's largest bank, says it will buy Wachovia. - Belgian giant Fortis is bailed out by Netherlands, Belgium and Luxembourg. - Royal Bank of Scotland shares lose a fifth of their value. - Iceland part-nationalizes Glitnir, one of its biggest banks.



Sept 30: - Belgian bank Dexia bailed out by France, Belgium and Luxembourg. - Swiss bank UBS announces small profit in third quarter. - Irish government guarantees safety of bonds, debts and
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