Photo: Fire Horse Leo, Flickr
Stocks are selling off sharply across EuropeBritain’s FTSE 100 is down 0.83%.
Germany’s Dax 30 is down 1.4%.
France’s CAC 40 is down 0.7%.
Spain’s IBEX 35 is down 2.4%.
Italy’s FTSE MIB is down 1.5%.
The biggest problem continues to be Greece and whether or not it will be able to secure much needed bailout financing in a timely manner.
As talks among European leaders stall, tempers are reportedly flaring.
Some of the biggest losers today are the big bank stocks. Moody’s recently warned that it could downgrade 17 banks, some by up to three notches.
“Capital markets firms are confronting evolving challenges, such as more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions,” wrote the credit ratings agency in a statement. “These difficulties, together with inherent vulnerabilities such as confidence-sensitivity, interconnectedness, and opacity of risk, have diminished the longer term profitability and growth prospects of these firms.”