03 Oct '11, 10am

European stocks and euro dive on Greece worries

LONDON : European stocks slumped and the euro hit an eight-month dollar low on Monday after Greece said it would not meet a target for reducing its massive deficit, heaping fresh pressure on the eurozone crisis. The Frankfurt market dived more than 3.0 percent and bank stocks tumbled on the first trading day of the fourth quarter after Greece said the budget deficit should drop to 8.5 percent of GDP in 2011, short of an earlier target. The euro struck US$1.3314 -- the lowest point since January -- before a meeting due on Monday of eurozone finance ministers to decide whether Greece should receive an eight-billion-euro loan installment. "We've begun the fourth quarter in much the same way as we ended the third. European equities were under pressure from the open after falls in Asian Pacific markets overnight ... following news that Greece will miss yet another deficit targe...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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