European stock markets opened on Tuesday amidst continuing nervousness.
Paris, Milan and Madrid all started up slightly but the FTSE in London and the DAX in Frankfurt both opened about half a per cent down.
The European Central Bank chief Jean-Claude Trichet is calling on EU countries to implement immediately measures agreed on July 21.
In Asia the markets have already closed for the day and predictably the losses have continued.
Japan’s Nikkei fell 1.68%, South Korea lost 5.3%, and Hong Kong’s Hang Seng shed 6%.
Earlier in the US, the Dow Jones dropped 5.6%, despite US President Barack Obama trying to reassure investors.
A US recession would in turn hurt Asia’s export-led economies.