Risks to global financial stability are verging on crisis levels, the IMF has warned.
Business reporter, New York
Many analysts have said they believe the fallout is likely to be limited, especially amid signs that the government is reconsidering some of its plans. Prices dropped and investors demanded a higher interest rate for holding a riskier investment, creating major volatility in what is usually considered a stable, safe investment.
Facing losses that were at risk of spiralling, pension funds pleaded for help from the Bank of England, which agreed to step in and buy government debt as an emergency intervention.
"There is a general sense of unease in financial markets because we never know where the landmines are buried," said economist Barry Eichengreen, professor at the University of California, Berkeley.
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