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Stocks fall over Greek default fears

Sunday, September 18, 2011 - 01:53

Sept. 19 - European markets tumble after EU finance ministers meeting in Poland at the weekend, failed to reach an agreement on how to tackle the euro zone debt crisis. Hayley Platt reports.

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There's been another sharp fall in European markets after finance ministers failed to agree a way forward in solving Europe's debt crisis. France's CAC and Germany's DAX both fell more than 2 percent and the index of top European shares was also down more than 1 percent. Banks took the brunt of the losses. Barclays, Lloyds and RBS were all down more than 6 percent. Howard Wheeldon, strategist at BGC Partners says the markets are becoming impatient. HOWARD WHEELDON, senior strategist, BGC Partners, saying (English): "It's all very well European politicians trying to hold the euro together but it hits you in the face that that policy just isn't going to work and you have to come up with a plan B. It's the plan B that the markets want and so desperately need." But there was little agreement from EU ministers who met in Poland at the weekend. It was hoped they would find a solution to Europe's debt crisis and come up with a way of ensuring Greece doesn't default. But with countries like Finland demanding collateral in return for new Greek loans - they failed to agree. Also affecting the markets was defeat for Germany's chancellor Angela Merkel in regional elections and the cancellation of a trip to America by Greece's Prime Minister in order to chair an emergency meeting. Oliver Roth is a trader in Frankfurt. SOUNDBITE: Oliver Roth, Trader, Close Brothers Seydler Bank, saying (English): "The reality is economical slowdown, is the debt crisis and of of course the Greek misery. And what we are expecting for this week, is a lot of pressure for the markets." The markets are now looking for some positive news from America when the U.S. Federal Reserve meets on Tuesday and Wednesday. It's hoped they will announce further measures to promote economic growth after a string of disappointing economic data. Hayley Platt, Reuters.

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Stocks fall over Greek default fears

Sunday, September 18, 2011 - 01:53