Global financial markets were rocked by a breaking wave of debt dangers across the globe yesterday, ranging from the eurozone to the US and Japan, dealers said.
European stocks fell but the euro clawed back some losses.
Investors are on red alert over the eurozone debt crisis which has already dragged down Greece, Ireland and Portugal - all of which were rescued with vast bailouts - and is spreading tentacles towards Italy and Spain.
Greece urgently needs the support of a second rescue package.
Ratings agency Moody's fired an ominous shot at the US overnight, warning of a possible downgrade to its top triple-A debt assessment, triggering comment that such a development could trigger a disastrous chain of events.
The warning shot came after agencies downgraded Greek and Irish debt to junk status.
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