Markets plummet on global economic fears

Fears that the global economy could be slipping back toward recession sent markets plummeting Thursday, with economic and financial problems around the world fueling a vicious cycle that risks spiraling beyond the control of governments.

On both sides of the Atlantic, economic vital signs are rapidly deteriorating. The United States' recovery is stalling, and Europe's debt crisis is threatening to strike Spain and Italy, which have two of the continent's largest economies.

Investors are increasingly afraid that the world's leading governments, weighed down by debt and wounded by the last economic downturn, may not have the wherewithal to keep the emerging crisis in check.

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Neil Irwin 05 Aug, 2011

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Source: http://feeds.washingtonpost.com/click.phdo?i=379d26c6026583656ceb69941c7ffed2
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