WASHINGTON (AFP) - Desperate measures by governments in Europe and North America to steady the banking system failed to stem panic in global markets Monday amid deepening gloom at the scope of the financial crisis.
Nothing seemed to stop stock markets taking, in many cases, record falls.
Nigel Gault at Global Insight said the markets were seeing a realization of "the worst fear," namely "that the financial crisis and the slowdown in economic growth would reinforce each other, dragging the economy into recession, perhaps a severe one."
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