Markets jittery as Greek crisis talks collapse
Stocks around the globe have tumbled amid rising fears over the financial crisis in Greece.
Shares in Asian and European markets fell on Monday after aid-for-austerity talks between Greece and its creditors collapsed.
Also in the US, stock index futures ESc1 fell 0.5% , indicating that Wall Street would extend Friday’s losses.
Wall Street opened lower on Monday with all 30 Dow components operating at a loss.
Greek stocks dropped 6%, with banking stocks falling as much as 12%.
The latest impasse over the crisis in Greece weighed on the euro. The currency fell against the dollar and was traded 0.5% lower at $1.1208.
‘State of emergency’
Meanwhile, Germany's EU commissioner announced that the European Union should get ready for a “state of emergency” after talks between Greece and its creditors collapsed.
"We should work out an emergency plan because Greece would fall into a state of emergency...Energy supplies, pay for police officials, medical supplies, and pharmaceutical products and much more," Guenther Oettinger was quoted by the Western media as saying.
Greece has already blamed creditors for the failure of the talks. Athens has just two weeks to pay a 1.6 billion euro bill due to the IMF (International Monetary Fund).
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