The UK FTSE 100 has fallen 5.6% in 2011, while France and Germany stocks have seen falls of 18% and 15% as growing fears for the survival of the euro took their toll.
The eurozone crisis has had a massive impact on global markets, as investors nervously await a plan to ensure Italy's government can continue to support its enormous debts.
The US and Europe, including the UK, have also come to accept that it may be many years before their heavily-indebted economies regain their former dynamism.
The euro was poised to end the year at a 15-month low against the dollar after it shed more than 3% on Thursday. With fears over the future of the eurozone, many analysts say it could drop even further in 2012.
Of the heavily-indebted so-called PIIGS (Portugal, the Irish Republic, Italy, Greece and Spain) countries, Irish shares fared best.
France and Germany look likely to bear the brunt of the bailout costs for the southern European states - and this was reflected in the performance of their equity markets. As traders say goodbye and probably good riddance to 2011, a year that saw most of the European and Asian indices recording double-digit losses, traders may not be so welcoming to 2012 either, For the latest updates on the stock market, visit Stock Market Today
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