Shares tumble wipes £24bn off FTSE as fears grow over debt problems in Europe and the U.S.

Daily Mail
"The failure of politicians in Washington to strike a deal to lift America’s debt ceiling also knocked confidence. The U.S. will run out of money early next month if the borrowing limit is not raised – but Democrats and Republicans are at loggerheads over how to deal with the crisis. A default by the U.S., the first in its history, could wreak havoc in the financial markets and the global banking system. David Jones, chief market strategist at financial spread-betting firm IG Index, said: ‘The market remains wary of European sovereign debt, and the disturbing lack of progress on agreeing terms to raise the U.S. debt ceiling is also raising the tension.’