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EU stocks fall amid Greece default fears

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European stock markets fall as Greece seeks to convince EU and IMF officials it can avoid a default, 2011-09-19.

European stock markets have plunged once again amid fresh fears of Greece defaulting and more signs of economic weakness in the region.

Frankfurt’s DAX 30 index fell by 3.20 percent, while in Paris the CAC 40 dived 2.73 percents on Monday, AFP reported.

The London FTSE 100 index plunged 2.12 percent and markets in Madrid, Milan and Stockholm all fell by more than 2 percent.

The developments come as debt-ridden Greece seeks to convince debt inspectors during an expected teleconference that it can avoid a default.

Meanwhile, the Greek Finance Minister Evanelos Venizelos has said that he will discuss the possibility of new rescue funds for his country during the conference with European Union leaders and International Monetary Fund (IMF) officials

Venizelos added that the eurozone is faced with a difficult time as Greece has had difficulties implementing the needed austerity measures required by the EU and IMF.

The IMF has warned Greece that the new bailout funds, worth USD 11 billion, will only be considered if Athens tries harder to lower its budget deficit.

In an effort to win the bailout package, Greece announced a new set of austerity measures ahead of the conference. Greece could go bankrupt within the coming weeks if it fails to receive the bailout loans from international donors.

The EU and IMF have since last year provided Greece with two rescue packages worth over USD 380 billion in return for harsh austerity measures.

The measures, which include cuts to public sector salaries and pensions, tax increases, and an overhaul of the pension system, have sparked regular nationwide protests in Greece.


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