World Stocks Drop as Greek Debt Default Nears

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April 8, 2010

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Financial markets turned on Greece again on Thursday, driving up its borrowing costs to record levels on rising doubt that the EU will provide a debt rescue, and the euro plunged further.

The yield on Greece’s 10-year sovereign bond soared to 7.423 percent Thursday, the highest since the country adopted the euro in 2001, amid mounting fears it might be unable to repay huge debts falling due soon.

The Greek financial turmoil also heightened pressure on the euro, which fell to 1.3299 dollars from 1.3339 Wednesday. The single European currency at one point plunged to 1.3283 dollars.

Meanwhile financial markets awaited an expected statement from the head of the European Central Bank, Jean-Claude Trichet, after an ECB rate meeting later in the day.

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