Panic Selling as Fears over Recession Intensify

Financial markets extended weakness ahead of US opening. The expected operation twist from Fed failed to lift market sentiment. Instead, investors dumped their assets with panic amid fears over economic downturn. In the Eurozone, pressure for bank recapitalization intensified as the IMF warned that the sovereign debt crisis in the region has generated as much as 300B euro in credit risk for European banks. Greece announced additional austerity measures to shrink deficits. Strikes were seen in Athens, casting doubts on whether the measures would be implemented smoothly.

Go here to see the original: 
Panic Selling as Fears over Recession Intensify