From The Sydney Morning Herald:
FEAR and uncertainty swept global markets yesterday as panic spread about Europe's debt crisis and economic problems in the United States, prompting investors to wipe more than $60 billion from local share values.
The rout stoked concerns of a new global financial crisis and triggered expectations of a cut in interest rates to help prevent Australia sliding into recession.
Within minutes of opening, Australian stocks plunged more than 4 per cent, with oil and mining companies leading the market towards its biggest fall in more than 2½ years. Shares have lost more than 17 per cent from the peak in mid-April. These losses are likely to have wiped out last year's 8.9 per cent average gain in balanced superannuation funds, where most Australians have super invested....read on