Financial markets slum
Markets from New York to Tokyo have recorded heavy losses in reaction to the emergency bailout of US investment bank Bear Stearns last weekend.
In New York the Dow Jones Industrials reportedly tumbled 194 points, more than 1.5 percent in early trading before recovering.
The Bank of England made an extra 5 billion pounds sterling available for UK banks to borrow to ease credit fears.
The money was five times over-subscribed.
Investors are reportedly worried that the collapse of Bear Stearns, one of Wall Street\'s biggest names, is a sign that the credit crunch is getting worse and lending might seize up.