Eurozone stocks down as finance ministers fail to reach Greece deal
City Index November 21, 2012 2:15 PM
<p>The main eurozone stock benchmarks are down as ministers fail to reach a Greek bailout agreement.</p>
The main eurozone stock benchmarks have opened lower this morning (November 21st) after finance minsters failed to reach a bailout agreement for Greece, raising concerns their efforts to support the troubled Mediterranean nation could crumple.
After nearly 12 hours of talks in Brussels the Eurogroup said it had made some progress on a parcel of austerity measures to reduce the country's gaping public debt, but it needed more time to work out the details.
Chairman Jean-Claude Juncker – who is also the prime minister of Luxembourg – said they would reconvene on Monday.
Without its next tranche of bailout funding worth €33 billion (£27 billion), Greece risks insolvency.
Leading members of the meeting were optimistic ahead of proceedings, with France's finance minister Pierre Moscovici stating: "I have the impression that a political agreement is within reach."
At 08:35 GMT, all the major eurozone benchmarks had retreated, with the German Dax slipping by 0.3 per cent to 7149.1 points, the Paris Cac 40 falling by 0.3 per cent to 3451.5 points and the Brussels Bel 20 sliding by 0.5 per cent to 7748.5 points.
Find out about the Dax and spread betting at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.