All eyes on Wall Street

(WVLT/CBS) -- Anxious investors across the globe dumped more stocks Friday as China's powerhouse economy showed signs of weakening.

South Korean shares took a major hit with the Kospi diving 4.5%.

Hong Kong's Hang Seng fell almost 2%.

Australia piled up more losses and the Aussie dollar fell to a 10-month low.

The International Monetary Fund boss Christine Lagarde says the economy is entering a dangerous phase. She said nations need credible plans to get their debt under control.

Britain's Prime Minister says the Eurozone debt dilemma is now so big, it's threatening the stability of the world economy.

British Prime Minister David Cameron says, "Eurozone countries must act swiftly to resolve the crisis. They must implement what they have agreed. They must demonstrate they have the political will to do what is necessary to ensure the stability of the system." He called on heavily indebted nations like Greece to take whatever cost-cutting measures are necessary.

Thousands of Greek protesters filled the streets on Thursday to condemn government plans to make more budget cuts.

German Chancellor Angela Merkel consulted Pope Benedict about the world financial crisis. She didn't reveal what advice, if any, the pontiff gave...only saying they both agree that world leaders have the power to act, not just react.

Finance chiefs of the group of 20 economic powers are pledging to do what it takes to calm markets and restore confidence.


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