The financial crisis – collapse of US investment bank Lehman Brothers
On 15 September 2008, the major US investment bank Lehman Brothers filed an application for protection under US bankruptcy legislation (Chapter 11). The market uncertainty triggered by Lehman's problems reinforced the international tendency for the money markets to freeze which was observed from the summer of 2007. The access to liquidity for banks in the Western world deteriorated considerably, and the financial markets were very turbulent in the autumn of 2008.