(Sept 7): It is hard to believe but it is 10 years since the start of the global financial crisis. Triggered by a collapse in the US housing market it caused the deepest recession in living memory and the near-collapse of the financial system.

Banks failed, government institutions were bailed out, stockmarkets crashed and countries had to be propped up financially. We are still feeling the effects: low growth, political upheaval, Brexit and even the election of Trump can all be traced back to the crisis.

It all started with the US subprime mortgage market, the corner of the industry that lent to borrowers with poor credit histories, often with little means to meet repayments.

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