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LONDON (AP) - European governments struggled to find a coordinated response to the crisis sweeping financial markets Monday, as one country after another announced sweeping deposit guarantees on their own to try and shore up their banks. Stock markets plunged.
Stock markets in the Asia-Pacific plunged yesterday on panic selling as terrified investors fled equities for a fifth consecutive day. The spread of the global financial meltdown sent the Japanese bourse plummeting to its lowest level since October 1987.
The misery worsened on Wall Street on Tuesday, with stocks piling on losses late in the session and bringing the two-day decline in the Dow Jones industrials to more than 875 points amid escalating worries about credit markets and the financial sector.hr noshade size=1 width=50%>
EVIAN, France (AP) - The president of the European Central Bank on Tuesday defended his organization's handling of the global financial crisis and warned that the continent must act in unison and without taboos if it wants to weather the storm.
The US Federal Reserve, European Central Banks and four other central banks lowered their interest rates on Wednesday in an unprecedented move to ease the economic effects of the financial crisis.
NEW YORK (AP) - Wall Street headed to a shaky start Tuesday after a huge sell-off the previous session, with investors waiting to see if central banks would try to alleviate the ongoing turmoil in the credit markets by cutting interest rates.
LONDON (AP) - Individual European governments have issued a flurry of deposit guarantees to shore up their banks but have fallen short of any coordinated action to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year.