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| Europe |
| Eurozone delays decision on next Greece payout |
| 2011-10-04 |
| Markets are entering the Bear Zone (20% fall from the high, next blood on the streets?) Eurozone finance ministers have delayed making a decision on giving Greece its next instalment of bailout cash, sending European shares down sharply. It came after Greece said it would not meet this year's deficit cutting plan. A meeting set for 13 October, when finance ministers had been expected to sign off the next Greek loan, has now been cancelled, said BBC Europe correspondent Chris Morris. French shares fell 2.8%, German stocks by 3.5%, and the UK's FTSE by 2.8%. As a result of the decision by finance ministers, Greece may not get its next loan tranche until November. Its Finance Minister, Evangelos Venizelos, said that should not cause any difficulties as the Greek government had no funding problem until November. |
| Posted by:tipper |