European Markets Dive On More Greece Fears

model falling

European markets all closed down today, with major players all down over 2%.

DAX: -2.98%

CAC 40: -2.51%

FTSE 100: -2.80%

These losses come after an announcement early Tuesday that Greece will probably not see its next tranche of $11 billion in EU/ECB/IMF aid until November.

Belgian bank Dexia also looks like it could be the next casualty of the sovereign debt crisis, even though it is based outside the periphery. Its board members gathered for an extraordinary meeting last night, and the Belgian government will meet to discuss the bank tonight. Its stock fell 21.54% today and French and Belgian authorities said they will step in to protect the bank if need be.

And here are your favourite French banks:

SocGen: -4.09%

Credit Agricole: -6.74%

BNP Paribas: -5.11%

Gold and silver are also getting creamed.

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