Fears for euro as stocks plunge €1.8tn

ALMOST €1.8 trillion was wiped off world stocks this week as fears mounted about a US recession and the spreading of the eurozone crisis.

In Ireland stocks fell 1.5% yesterday while British stocks dipped for a sixth day as the FTSE 100 Index recorded its biggest weekly loss in almost three years.

Given the volatility on the markets, concern was expressed about pension funds, with the public warned not to panic as these investments are predominantly longer term and less affected by short-term fluctuations.