It is been another dark day on the Irish stock market despite a surprise move to slash interest rates. Irish shares have closed down 7.5% percent this evening with all major Irish banks suffering significant drops. It is the third day in a row that share values have plummeted amid the deepening financial turmoil. Shares in London closed down over 5% with the New York Stock Exchange down almost 2%. The falls come despite a move to stabilise markets with central banks around the world cutting interest rates by 0.5%. Chief economist with IIB Bank Austin Hughes has said that more will have to be done to stabilise the financial system.