Almost $6.3 trillion was erased from global stock markets this year as
the euro zone financial crisis reverberated across the world in the
latter half of 2011, calling into question the future of the world’s
largest currency bloc.
Global stock market capitalization dropped 12.1
percent to $45.7 trillion according to Bloomberg data, while the euro
ended the year as the worst performing major currency after finally
starting to succumb to the continent’s financial and economic woes in
had proved resilient for much of the year – burning hedge funds that bet
on a steeper decline – but on Friday touched a 10-year low against the
Japanese yen, and is near lows against the dollar last touched a year
were more optimistic at the start of the year, but as the year
progressed they were forced to come to grips with the debt levels in the
western world,” said Navtej Nandra, the international head of Morgan
Stanley’s asset management arm.