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| Stock markets fall on debt fears | |
| (about 1 hour later) | |
| European stock markets fell heavily on Monday, weighed down by fears that the eurozone's debt crisis was spreading. | European stock markets fell heavily on Monday, weighed down by fears that the eurozone's debt crisis was spreading. |
| In Italy shares dropped 4%, in France the Cac index fell 2.7%, Germany's Dax fell 2.3%, and London's FTSE 100 was down 1%. US markets were also down. | |
| Banks across Europe were hit hard, with Italy's Unicredit down 6.3%. | Banks across Europe were hit hard, with Italy's Unicredit down 6.3%. |
| Eurozone finance ministers were holding talks on a new aid plan for Greece, but this was overshadowed by fears of contagion spreading to Italy and Spain. | Eurozone finance ministers were holding talks on a new aid plan for Greece, but this was overshadowed by fears of contagion spreading to Italy and Spain. |
| The euro fell, while borrowing costs for Spain and Italy rose to 12-year euro-era highs. | The euro fell, while borrowing costs for Spain and Italy rose to 12-year euro-era highs. |
| "There are tensions across the eurozone, we must find a solution," Belgian minister Didier Reynders said to reporters on arrival at the finance ministers' meeting. | "There are tensions across the eurozone, we must find a solution," Belgian minister Didier Reynders said to reporters on arrival at the finance ministers' meeting. |
| Ministers are discussing how, and by how much, banks and other financial institutions can contribute to a new rescue package for Greece. | Ministers are discussing how, and by how much, banks and other financial institutions can contribute to a new rescue package for Greece. |
| Ahead of the meeting, Spanish Prime Minister Jose Luis Rodriguez Zapatero called for a "swift and precise clarification" of how a second bail-out for Greece might work. | |
| German Chancellor Angela Merkel also urged speedy action on new aid for Greece, and added that Italy needs to send a "very important signal" by passing an austerity budget. | German Chancellor Angela Merkel also urged speedy action on new aid for Greece, and added that Italy needs to send a "very important signal" by passing an austerity budget. |
| Italy's Finance Minister Giulio Tremonti has proposed 48bn euros ($67bn; £42bn) in budget cuts over three years and aims to cut the deficit to zero by 2014 from this year's 3.9% of gross domestic product. | Italy's Finance Minister Giulio Tremonti has proposed 48bn euros ($67bn; £42bn) in budget cuts over three years and aims to cut the deficit to zero by 2014 from this year's 3.9% of gross domestic product. |
| However, financial markets were unsettled by remarks from Prime Minister Silvio Berlusconi, who indicated in a newspaper interview that the austerity plan might not have full cabinet support. | However, financial markets were unsettled by remarks from Prime Minister Silvio Berlusconi, who indicated in a newspaper interview that the austerity plan might not have full cabinet support. |
| In a sign that investors are growing more risk averse, the yield on Italian 10-year bonds jumped to 5.6% from 5.3%. Meanwhile, yields on Spanish 10-year bonds rose to 5.9% from 5.7%. | In a sign that investors are growing more risk averse, the yield on Italian 10-year bonds jumped to 5.6% from 5.3%. Meanwhile, yields on Spanish 10-year bonds rose to 5.9% from 5.7%. |