Billion-dollar bailout schemes and major bankruptcies have sent taxpayers and traders reeling with shock as global banking systems teeters on the brink of collapse. Is this the end of global capitalism as we know it?
Japan's Nikkei closed 2011 at its lowest year-end level since 1982, and down 17.34% from 2010's closing figure. Japan's financial woes were worsened by the Fukushima disaster in March as well as eurozone-related panic selling.
European stock markets plunged on Tuesday, a day after Greek Prime Minister George Papandreou's surprise announcement that Greek voters would have the final say on the EU's latest bailout package.
Markets rallied following Thursday's key eurozone rescue deal in Brussels with the main European markets all closing higher. World stocks measured by the MSCI All-Country World Index advanced to a seven-week high of 1.7 percent.
Troubled Franco-Belgian bank Dexia is in negotiations to sell its Luxemburg affiliate. Trading was suspended in the plummeting stock at the request of the Belgian market regulator.
Stocks in Asia crept up Wednesday in cautious trading, with widespread uncertainty surrounding the EU’s debt plan prevailing. This comes on the heels of Greek Prime Minister George Papandreou’s visit to Berlin on Tuesday.
European markets began the week in retreat, with France’s CAC-40 falling 3 percent and Germany’s Dax closing down 2.8 percent, as international investors worried Greece would fail to take the steps necessary to secure more bailout cash.
World stock markets tumbled Friday on fears over debt problems in the euro zone, and nervousness over the outcome of a Greek debt swap. The euro also suffered, hitting a six-and-a-half month low against the dollar.
Asian stocks and the euro fell on Tuesday, a day after European shares suffered sharp losses as investors reacted to fears of a worsening eurozone debt crisis.
European shares hit their lowest close in a fortnight Monday with investors continuing to shoulder concerns about the continent's low growth and eurozone debt crisis. Meanwhile, some banks were impacted by a US lawsuit over toxic mortgage debt.
