Pyongyang, September 28 (KCNA) -- International stock markets are hit by a serious financial crisis.

The stock fell at one time at stock markets the world over on Sept. 22.

Dow-Jones average stock dropped 3.5 percent at the New York Stock Market, the lowest in the year and the Nasdaq average stock fell 3.3 percent.

Stock further dropped at stock markets of European countries. For instance, it fell 4.7 percent in Britain, 5 percent in Germany and 5.3 percent in France. Under this impact, stock plummeted 2 percent on an average at Asian stock markets.

The sharp fall of stock sparked a racket of selling not only stock at international stock markets but everything saleable. In consequence, international oil price dropped 7 percent and gold price 4 percent.

European banks, in particular, are hard hit by the current developments.

IMF predicted the European banks, which had purchased national bonds issued by eurozones in the grip of a debt crisis including Greece, Italy and Ireland might suffer a loss of 300 billion euro at maximum.

At a meeting on September 21, the day before such development occurred, the Board of Governors of the Federal Reserve System of the U.S. warned of a potential danger to economic prospect such as instability on world financial markets. IMF on Sept. 20 released a report on the sharply undercut economic prospect of the U.S. and Europe.

Experts were of the view that this served as a time bomb which sparked off extreme uneasiness in the world's financial circle.

But there have already been omens of the current financial crisis. For example, The S＆P released the undercut U.S. national credit rating early in August, the first of its kind in history. The financial situation in Europe is no better than that in the U.S.

The debt crisis which started in Greece last year, is sweeping European countries as a nightmare.

All facts eloquently prove that the Western style market economy, the West's economic mode can never become "a cure for all" for economic development.