The German and Belgian bailouts, which were reached ahead of the opening of the stock markets in Asia, have failed to prevent them from tumbling.
Asian stocks have fallen by around four percent in Monday trading, and the yen has surged to a two-year high against the euro. Observers say investors doubt that the scattered European response to the financial crisis and a $700-billion US bank bailout can prevent a global recession. Oil prices have fallen to around $92 a barrel.
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