TIMESONLINE: £2.7 trillion wiped off the global value of shares as confidence collapses
A frenzied day of panic selling across the world capped a week of extraordinary financial mayhem in which £2.7 trillion was wiped off the value of global shares.
Finance ministers and central bank chiefs from the West’s leading economies were moving to quell the fear last night with moves to shore up their banking systems and prevent a full-scale meltdown of the world financial system. Such was the level of panic, however, that officials gathered in Washington were forced to contemplate the previously unthinkable: that Britain’s enfeebled banks may face outright nationalisation if Gordon Brown’s £50 billion bailout fails.
As stock markets on both sides of the Atlantic suffered record-breaking falls, ministers and central bank governors from the Group of Seven (G7) economies strove to piece together a united plan to avert financial cataclysm. Alistair Darling Calls for World’s Financial Leaders to Take Decisive Action >>> Gary Duncan, Economics Editor | October 10, 2008
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