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Shares slide as EU summit hopes dim

Thursday, June 28, 2012 - 01:21

June 28 - Shares fall and the euro hits a three-week low as divisions among European leaders dash hopes of urgent measure to tackle the region's debt crisis. Jamie McGeever reports

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Tension and uncertainty dominated European markets as the EU summit got underway...and a scandal surrounding Barclays sent bank shares tumbling. Leaders in Brussels are trying to forge agreement on how to fix the euro zone crisis. But investors are sceptical, and the borrowing costs of countries like Spain and Italy are rising. Spain's key interest rate once again hit 7 percent...and Italy was forced to pay over 6 percent to borrow 10-year funds on the international markets. Stefan Scharffetter is from Germany's Baader Bank (SOUNDBITE) (German) TRADER FOR BAADER BANK, STEFAN SCHARFFETTER, SAYING: "If we get substantial results from the summit then the markets will be relieved. At the moment it's very quiet on the markets, everyone is biding their time." Shares were flat - with the main European indexes down 1 percent, with financial leading the decline, down some 3 percent. The root of the problem is Barclays - the British bank had a record fine of almost half a billion dollars imposed on it after a probe into fixing interbank interest rates. Barclays shares down as much as 17 percent. Jamie McGeever, Reuters

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Shares slide as EU summit hopes dim

Thursday, June 28, 2012 - 01:21