It is another nervous day on the trading floors in Europe as various European banks dropped interest rates again. The move is designed to address fears that Europe could get caught up in a deep and difficult recession, spanning all of 2009.
The European Central Bank cut interest rates by 0.75 percent - its biggest ever move and its third cut in two months.
Recent economic data in the 15-nation Eurozone has been grim and many European countries have been calling for this latest drop.

Elsewhere in Europe, even stronger medicine was administered. The Swedish Central Bank cut rates by 1.75 points - a record there. In London, the Bank of England dropped rates one percent to a level not seen since 1951.

Economist George Johns from Barclays Capital says the move has not come as a surprise to those in London's financial district.
As is the case elsewhere in Europe, the British economy is stagnant and real estate, in particular, is taking a big hit. Throughout Britain, home foreclosures are increasing and mortgage lending is down a massive 70 percent from one year ago.