Posted by BAHRAMERAD, at 02:05AM 10/11/08 : £2.7 trillion wiped ( $6 Trillion ) off the global value of shares as confidence collapses
Note: A frenzied day of panic selling on stock markets across the world capped a week of extraordinary financial mayhem in which £2.7 trillion was wiped off the value of shares globally.
Finance ministers and central bank chiefs from the West’s leading economies attempted last night to quell the markets’ fears 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.
tags: economy
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