The world's major economies are striving to find solutions to the worst financial crisis in nearly 80 years. Let's see what has happened in the past year.

2008

Nov.3

French bank Societe Generale sees net profits slump by 84% in the third quarter, hit by the credit crisis. Net profits in the three months to the end of September fell to 183m euros ($235m; ￡145m) from 1.12bn euros in the same period a year before.

Oct. 30

The Federal Reserve cuts its key interest rate from 1.5% to 1% in a widely expected move, as it aims to avoid a possible US recession.

The Commerce Department issues figures showing the US economy shrank at an annualised rate of 0.3% between July and September.

Oct. 28

US consumer confidence falls to a record low of 38 in October, down from a revised 61.4 in September and below analysts' expectations of 52. It is the lowest since the Conference Board began tracking consumer sentiment in 1967.

Oct. 24

In Denmark, the central bank raises its key interest rate by 0.5 percentage points to 5.5%.

The UK is on the brink of a recession according to figures released by the Office for National Statistics. The economy shrank for the first time in 16 years between July and September, as economic growth fell by 0.5%.

Oct. 20

Sweden's government sets out its own bank rescue plan, with credit guarantees to banks and mortgage lenders up to a level of 1.5 trillion kroner (￡117.2bn; $205bn). The government says it will also set aside 15bn kroner as a bank stabilisation fund.

The chairman, director general and chief financial officer of the French savings bank Caisse d'Epargne resign following the bank's 600m-euro loss announced on 17 October. The bank said its problems would not affect its planned merger with Banque Populaire.

India's central bank unexpectedly cut its short-term lending rates in response to continued pressure as a result of the global financial crisis. The Reserve Bank of India cut the repo rate by a full percentage point to 8%.

Oct. 19

South Korea announces a $130bn financial rescue package to stabilize its markets - by offering a state guarantee on banks' foreign debts and promising to inject capital into struggling financial firms if necessary.

The Dutch government injects 10bn euros ($13.4bn; ￡7.7bn) into the banking and insurance company ING. The government had earlier announced the establishment of a 20bn euro fund to protect the financial sector from the credit crisis.