Thursday, 6 May 2010

Debt Crisis: Panic on Wall Street as Dow Plummets 9% Over Fears for Global Financial System

Wall Street was gripped by a fresh financial panic tonight as fears spread that the Greek debt crisis will trigger a new catastrophe for the fragile global banking system.
Turbulent scenes in New York – reminiscent of the chaos around the fall of Lehman Brothers in September 2008 – followed a weak statement from the European Cental Bank that investors dismissed as a "do nothing" response to fears of wider contagion.

The blue-chip Dow Jones index briefly fell 900 points, or 9%, dipping below 10,000 points for the first time since early February, before halving its losses in the next 30 minutes. more...


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