Italy has had the rating of its creditworthiness cut, the latest move in the European debt crisis. Standard and Poor's cut its rating by one level to A from A+. The agency cited Italy's weak growth, criticised Rome's response to the debt crisis so far and said political uncertainty could hamper it in future.
Economy enters 'dangerous phase'
The Greek cabinet is meeting to discuss accelerating austerity measures in order to secure further bailout funds and help ease the country's debt crisis.
Greece bailout: Cabinet meets to discuss faster cuts
Wall Street shares fall after the Federal Reserve announces its $400bn Operation Twist scheme to help stimulate the flagging US economy.
Federal Reserves launches 'Twist' stimulus initiative
The Bank of England moves closer to re-starting quantitative easing because the UK economy is deteriorating, minutes show.
Bank hints at economic stimulus
The International Monetary Fund warns that the global financial system is more vulnerable now than at any time since the 2008 financial crisis.
IMF warns of threat to global banking system
And so we continue to rearrange the deck chairs on our financial Titanic...
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