Crisis stations

The deal to raise the US debt ceiling has failed to reassure global markets, which have now seen six days of falls. The earlier 'summit to save the euro' was but a momentary respite as European bank shares slide and Italian debt yields soar. The financial crisis appears to be back in earnest. Lex's John Authers and Edward Hadas disentangle the many strands of stress in the financial system and consider just how far the contagion now extends.