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| European shares fall amid Greek default fears | European shares fall amid Greek default fears |
| (about 7 hours later) | |
| Shares on European stock markets have fallen amid reports that senior EU officials have discussed a possible Greek default for the first time. | |
| The Athens stock exchange closed nearly 6% lower. Germany's Dax and France's Cac 40 ended more than 1% lower. | The Athens stock exchange closed nearly 6% lower. Germany's Dax and France's Cac 40 ended more than 1% lower. |
| Shares also fell in the US, with the Dow Jones index dropping 0.8%. | Shares also fell in the US, with the Dow Jones index dropping 0.8%. |
| Cash-strapped Greece is trying to reach a deal that will unlock bailout funds. It is seeking to avoid defaulting on a €1.5bn debt repayment to the IMF. | Cash-strapped Greece is trying to reach a deal that will unlock bailout funds. It is seeking to avoid defaulting on a €1.5bn debt repayment to the IMF. |
| The payment is due by the end of the month. | The payment is due by the end of the month. |
| According to official sources quoted by news agencies, senior eurozone officials meeting in Bratislava on Thursday held their first formal talks on the possibility that Greece might default. | According to official sources quoted by news agencies, senior eurozone officials meeting in Bratislava on Thursday held their first formal talks on the possibility that Greece might default. |
| Also on Thursday, officials from the International Monetary Fund (IMF) pulled out of talks with Greek politicians in Brussels, citing "major differences". | Also on Thursday, officials from the International Monetary Fund (IMF) pulled out of talks with Greek politicians in Brussels, citing "major differences". |
| Shares on the Athens Stock Exchange had soared on Thursday amid renewed optimism about Greece's talks with its creditors. The index climbed more than 14% - the best performance in several weeks. | Shares on the Athens Stock Exchange had soared on Thursday amid renewed optimism about Greece's talks with its creditors. The index climbed more than 14% - the best performance in several weeks. |
| But the IMF's withdrawal has dampened investors' moods. | But the IMF's withdrawal has dampened investors' moods. |
| On Friday, Jeroen Dijsselbloem, president of the Eurogroup of finance ministers, said a deal without the IMF was "unimaginable". | On Friday, Jeroen Dijsselbloem, president of the Eurogroup of finance ministers, said a deal without the IMF was "unimaginable". |
| On Friday stocks in the National Bank of Greece fell by more than 10%, while Piraeus Bank fell more than 11.5%. | On Friday stocks in the National Bank of Greece fell by more than 10%, while Piraeus Bank fell more than 11.5%. |
| European and US shares also fell on fears that a potential Greek default would hurt foreign investors in Greece. | European and US shares also fell on fears that a potential Greek default would hurt foreign investors in Greece. |
| However, German Chancellor Angela Merkel urged all parties to continue negotiations. | However, German Chancellor Angela Merkel urged all parties to continue negotiations. |
| Speaking at a business conference in Berlin, Ms Merkel said: "Where there's a will there's a way, but the will has to come from all sides, so it's important that we keep speaking with each other." | Speaking at a business conference in Berlin, Ms Merkel said: "Where there's a will there's a way, but the will has to come from all sides, so it's important that we keep speaking with each other." |