Europe's sovereign debt crisis exploded back into life on Tuesday, with markets across the continent rocked by a wave of panic selling amid renewed fears about the impact of savage austerity measures in Spain and Italy.
....Italy and Spain, the eurozone's third and fourth biggest economies, were at the centre of the market turmoil, with investors demanding an increasingly high premium for holding their bonds.
Hopefully the Guardian's reporters are just being a little hyperbolic. But stock markets in the U.S. and Asia were pretty brutalized today too. Phase 4 of the Great Euro Crisis appears to be well and truly imminent.