Almost $6.3tn was erased from global stock markets this year as the eurozone 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 capitalisation dropped 12.1 per cent to $45.7tn 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 December.
The euro had proved resilient for much of the year – burning hedge funds that bet on a steeper decline – but yesterday touched a 10-year low against the Japanese yen, and is near lows against the dollar last touched a year ago.
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