£46bn wiped off FTSE in one DAY as it loses more than 100 points for fourth day running - for the first time in its history

Daily Mail
*FTSE 100 closes down 178 points or -3.4 per cent
*Total wiped off companies since Friday hits £210bn
*Dow Jones opens down 2 per cent in response to credit rating downgrade
*Asian markets fall as global shares crisis deepens
*Chancellor Osborne calls France, Germany and America to act but remains on holiday in the U.S.
*U.S. warned it could be downgraded again if aggressive cuts are not made
*European Central Bank set to spend billions on buying Italian and Spanish bonds as it moves to stem sovereign debt

"Mr Roubini, a crisis economics specialist, called for medium-term fiscal austerity measures across the Eurozone and in the U.S. where he also called for mortgage debt reduction. He told the Financial Times: 'Another recession may not be preventable, but policy can stop a second depression. 'That is reason enough for swift and targeted action.'