World stocks tumble on banks’ Greece exposure fears
LONDON (Reuters) – World stocks hit a fresh 15-month low on Tuesday and the dollar rose to a nine-month peak as fears over a major banking crisis in Europe mounted along with expectations Greece could soon default, accelerating a global economic slowdown.
Sovereign debt insurance costs for the region’s economic powerhouse Germany hit a record high after euro zone finance ministers said they were reviewing the scale of private sector involvement in a second bailout package for Greece, a move that threatens to hasten a default.
At their meeting in Luxembourg, the ministers also agreed Greece could wait until mid-November for the next installment from the existing aid program, putting further pressure on Athens to get to grips with its debt problems, continue to read Yahoo Finance
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