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.
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