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World stock markets have fallen after measures announced by the European Central Bank failed to calm fears about the eurozone debt crisis and more weak economic figures from the US fuelled fears of a sharp slowdown. Stock markets in London, Frankfurt, Milan and Paris closed around 3% lower.
In the US, the Dow was down 511.93 points to 11,384.51 in closing trade, while the S&P 500 lost 4.8% to 1,200.18, while the Nasdaq Composite plunged 5.1% to 2,556.39.
Earlier, borrowing costs for Italy and Spain rose again to more than 6%. The ECB left its main interest rate unchanged at 1.5% and it bought eurozone government bonds. President of the ECB Jean Claude Trichet said it will also allow banks access to as much liquidity as they need until at least the end of the year. European Commission President José Manuel Barroso urged European Union leaders to reinforce their financial defences. Mr Barroso made his comments in a letter to EU leaders as the debt crisis threatens to engulf Spain and Italy.
[b]He warned that 'it is clear that we are no longer managing a crisis just in the euro-area periphery'.
