The euro just fell below $1.24 and markets are taking a beating around the world as euro crisis woes mount.

The Dow is down 151 points or 1.2 per cent on the day, and the the IBEX is leading losses in Europe, now off 2.1 per cent.

An earlier headline that the EU was considering direct bank recapitalization through a permanent European bailout fund gave markets a boost earlier today, however any enthusiasm this generated was lost after people recognised that it came from the European Commission and not EU leaders.

Check out the euro against the dollar in the last few minutes:


Photo: DailyFX

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