The Group of 20 (G20) summit, which opens Thursday in Pittsburgh, will focus on measures to deal with the global financial crisis. The summit will be the third gathering of G20 leaders since the crisis began a year ago.

The following is a chronology of major economic and financial events in the past year:

2008

September15, Lehman Brothers, the fourth largest investment bank, filed for bankruptcy protection while Merrill Lynch, the third largest investment bank, struck a buy-out deal with the Bank of America, marking the start of the financial tsunami that swept the world.

September 20, the US government proposed a US$700-billion bailout plan to address the devastating financial situation. The plan was signed by President George W. Bush on October 3 after being approved by both the Senate and the House.

Early October, Iceland's three major banks declared bankruptcy in succession within two weeks, accompanied by a dive in stock prices and depreciation of the country's currency. The International Monetary Fund provided US$6 billion for the north European country to bolster its paralyzed financial system.

November 9, the Chinese government announced a US$585 billion stimulus package to be rolled out over the next two years aiming at expanding domestic demand and promoting economic growth.

November 15, the first G20 financial summit was held in Washington D.C. The participating countries reached consensus on a variety of issues, including stepping up international coordination to combat the crisis and reform the global financial system.

November 25, the United States pledged another US$800 billion to loosen the credit market for house purchases and small business loans.

December 11, Bernard Madoff, a Wall Street financier, was arrested on charges of fraud. Madoff, who also was a former Nasdaq chairman, for 20 years conducted the biggest ever Ponzi scheme and cheated investors out of more than US$50 billion. Madoff was sentenced to 150 years in prison on June 29, 2009.

2009

Early 2009, Eastern European nations saw severe capital flight and a sharp drop in exports amid downturns in their western neighbors. The International Monetary Fund provided at least US$52 billion to Hungary, Serbia, Latvia and Ukraine.

February 4, US President Barack Obama placed a US$500,000 cap on the salaries of financial executives whose companies would receive bailout money from the American government.

Febeuary 17, Obama signed a US$787-billion stimulus package in hopes of invigorating the US economy through government investment and tax cuts.

March 12-13, tax havens, including Switzerland, Andorra, Liechtenstein, and Belgium agreed to loosen their confidentiality rules to cooperate with other nations on cracking down cross-border tax evasion.

Mid March, large AIG executive bonuses were revealed, angering the US public. Obama ordered the Treasury Department to prevent the US$165 million from being paid. The executives returned part of their bonuses under the pressure of public reprimand.

March 23, the US government announced a "toxic asset plan" that would form public-private partnerships to help cleanse banks of up to US$1 trillion in toxic assets.

April 2, the G20 leaders held their second summit to address the global economic woes in London. The participants agreed to provide up to US$1.1 trillion to the International Monetary Fund and the World Bank as well as to tighten monitoring of financial activities.

June 1, General Motors filed for bankruptcy protection in order to restructure its assets. The US government would be holding 60 percent of the new General Motors' shares after the protection process.

July 17-19, the US government announced a comprehensive reform plan on financial monitoring in hopes of reviving confidence in the American financial system. The EU leaders also passed a reform plan aimed at establishing a pan-Europe financial monitoring system.

(Xinhua News Agency September 25, 2009)