Europe’s markets have fallen sharply after Asian and US share prices plummeted over night.
Markets in London and Frankfurt immediately opened down following the huge losses elsewhere.
London’s FTSE dropped more than 8 percent with the Frankfurt Dax and Paris’s CAC 40 also seeing an 8 to 9 percent fall.
Despite billions being injected into the system to stem panic, investors remain nervous that the financial crisis will lead to a global recession.
In Tokyo, the Nikkei experienced its biggest drop since Black Monday in 1987, closing 9.6 percent down, an even bigger drop than on Wednesday.
G7 Finance ministers are due to meet in Washington to discuss the crisis.