Subprime Mortgage Defaults (2006-2007):
The crisis began with a significant rise in defaults on subprime mortgages in the U.S., triggered by declining home prices and risky lending practices.

Collapse of Lehman Brothers (September 2008):
The financial turmoil escalated when Lehman Brothers, a major investment bank, filed for bankruptcy. This event highlighted the systemic risk in financial markets.

Global Credit Crunch (Late 2008):
The collapse of Lehman Brothers caused a freeze in interbank lending and a liquidity crisis, as banks were reluctant to lend to each other. This marked the global credit crunch.

Stock Market Crash (Late 2008-2009):
Investor panic led to sharp declines in global stock markets, reflecting fears of a prolonged recession and systemic failures.

Sovereign Debt Crisis in Europe (2010-2012):
The aftershocks of the financial crisis and the subsequent fiscal stimulus measures strained public finances, leading to a sovereign debt crisis in several European countries, particularly Greece, Portugal, and Ireland.