Factbox: The biggest financial crises of the last four decades

Fears of banking contagion remain, and investors are worried that global economies will suffer if the effects of higher interest rates torpedo more lenders. Here is a rundown of some of the biggest financial crises in the last 40 years:Over 1,000 savings and loan institutions were wiped out in the crisis that unfolded throughout the 1980s, resulting in up to $124 billion in costs to taxpayers.

Michael Milken had helped popularize the financial instrument, with many using it as a way of funding leveraged buyouts. But supply eventually outpaced demand, and the market tanked. Milken was charged with securities and reporting violations. He paid a $200 million fine and served a 22-month sentence in jail.In a surprise move in December 1994, Mexico devalued its currency, the peso, after the country's current account deficit grew and its international reserves declined.

Global bodies, including the International Monetary Fund and the World Bank, had to step in with rescue packages amounting to more than $100 billion for the economies.The highly leveraged U.S. hedge fund lost more than $4 billion in a span of a few months in 1998 following the Asian crisis and a subsequent financial crisis in Russia. The fund had a huge exposure to Russian government bonds, and took major losses after Russia defaulted on its debt and devalued its currency.

The crisis led to the collapse of some storied Wall Street giants including Bear Stearns and Lehman Brothers, both of whom had large positions in mortgage securities. The debacle also engulfed insurance giant American International Group

There's a good chance things aren't quite done yet. One doesn't quite know how digestible Credit Suisse is, and also, Deutsche Bank is in trouble. The two could feed off one another.

I would trust you to do a fact check as much as I would trust a con to run a government in the uk

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