But as funding conditions worsened last year, the region's largest banks began to hoard it, causing a credit crunch lower down the financial food chain.

WSJ: ECB Chief Says Bank Helped Avert Disaster

Because their failure would represent another lurch down in the credit crunch.

ECONOMIST: Why monoline insurers are so important

When it came to the crunch games, we let ourselves down.

BBC: Everton Ladies boss Marley delighted with final spot

Manning calmly leading his troops down the field in crunch time, this time 88 yards in nine plays, to give his club the lead for good.

WSJ: Manningham's Tyree Moment

Pertamina, the state-owned firm that administers the subsidy, is facing a desperate cash crunch, and has resorted to running down its stocks.

ECONOMIST: Indonesia's election

Harman ran the company as chief executive officer until 2008, stepping down after the 2007 credit crunch aborted a sale to KKR and Goldman Sachs.

FORBES: Audio Pioneer and Newsweek Owner Sidney Harman Dies At 92

Families that bought condo units before the credit crunch have rioted as discounts offered to new buyers push down prices, wiping out earlier buyers' equity.

WSJ: China Might Have Over-Reached Itself

Industry experts trace the crunch to the 2008 financial crisis when a number of China-based factories shut down or curtailed production.

FORBES: Will Electronics Shortages Cause Holiday Retail Crisis?

Much of the weakness, particularly in Spain, is down to struggling firms in property and finance, which suggests that the credit crunch and the deflating house-price bubble are taking a broader toll.

ECONOMIST: Europe's economies

At the close of Monday, the French CAC 40 was down 29% from recent highs, back near to the lows of the original credit crunch crash.

FORBES: Another Leg Of The Credit Crunch Is Coming Soon