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A major effort to stop the world falling back into recession is being pledged by finance ministers and central bankers from the biggest economies.
The World Trade Organisation has said that global trade is slowing and it has cut its estimates for growth this year from 6.5 percent to 5.8 percent.
It was another extremely choppy Friday for Europe’s financial markets capping a torrid week’s trading
As the financial markets tumbled on Thursday, the head of the International Monetary Fund, Christine Lagarde,warned the crises in the European Union and US are threatening the entire world economy.
Moody’s ratings agency has downgraded the credit ratings of eight top Greek banks – including the largest lender National Bank of Greece.
A grim outlook for the US economy from the Federal Reserve and signs of slowing in China and Germany drove world financial markets deep into the red on Thursday.