World stocks drop as worries over Greece intensify
May 14, 2012
By COLLEEN BARRY
AP Business Writer
(AP:MILAN) World stock markets dropped Monday as worries intensified over the condition of the eurozone and whether Greece is edging towards leaving the single currency union.
In Athens, Greek party leaders were scheduled to resume talks aimed at forming a government. But as the political wrangling dragged into its second week, markets contemplated the threat that the crisis-stricken country would not meet the terms of its bailout and drop out of the currency club.
`’Markets continue to feel the pressure and the stakes continue to rise as what was declared unthinkable a year ago or so now starts to permeate mainstream thinking in Europe,” said Michael Hewson of CMC Markets.
Britain’s FTSE 100 fell 1.7 percent and Germany’s DAX tumbled 1.95 percent. France’s CAC-40 lost 2.27 percent. Wall Street also appeared set for a lower opening, with Dow Jones industrial futures down 0.8 percent to 12,686 and S&P 500 futures losing 0.9 percent to 1,337.30.
Taking the hardest hits were the Athens Stock Exchange, which saw shares drop 3.5 percent, and Spain’s Ibex, which fell 3.06 percent on continuing concerns that the country’s crippled economy would not be able to keep a handle on its borrowing costs.
More: http://www.ino.com/blog/2012/05/world-stocks-drop-as-worries-over-greece-intensify/
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