THE TELEGRAPH: Global stock markets tumbled on growing fears that a rescue package for Greece might not be enough to prevent a debt crisis from spreading in Europe.
Asian markets mirrored heavy falls in the United States and Europe, extending the biggest fall in global shares in three months.
It came at Greece was paralysed by a nationwide general strike on Wednesday - the first major test of the socialist government's resolve to push through unprecedented austerity cuts needed to avert a fiscal meltdown.
The euro continued to weaken against the dollar in Asian trading, hitting $1.2958, as investors doubted whether €110bn (£95bn) of loans from the European Union and the International Monetary Fund could stop contagion to other vulnerable countries such as Spain and Portugal.
Investors are worried that these countries may need even larger debt bailouts. >>> | Wednesday, May 05, 2010
