Credit crunch: Manager views three years on

August 2007 is widely regarded as the start of the credit crunch, following BNP Paribas’ suspension of pricing of two money market funds over illiquidity in structured credit markets. What followed over the next three years was one of the worst global recessions experienced since the Great Depression and a near meltdown of the financial system. Looking back over the past 50 years, M&G’s Richard Woolnough says despite the obvious cyclical upturns and downturns, the global economy has largely experienced a period of strongly upward trending growth. However, following the credit crunc...