European stock markets finished sharply lower on one of the worst days of trading in 30 years despite government actions to fight the crisis.
Reassurances from US President George W Bush failed to calm panicked investors and the UK's FTSE 100 fell almost 9%.
The French Cac lost 7.7% and German Dax lost 8.4% in a day of heavy selling.
Wall Street shares have also fallen in volatile trading on fears that the financial crisis will tip the global economy into a recession.
The main Dow Jones index sank below 8,000 in early exchanges, but then recovered slightly to trade down 536 points or 6.2% to 8,044 by afternoon in New York.
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