Greek Loan Delays Send Markets Down

Greek Loan Delays Send Markets Down.

European shares have dropped as Eurozone finance ministers have delayed making a decision on giving Greece its next lot of bailout cash.  Finance ministers were due to meet on 13 October to sign off the next Greek loan, but this meeting has now been cancelled.

German stocks fell by 3.2%, French shares fell 3.3% and the UK’s FTSE fell by 2.4%.  Banking stocks were among the biggest fallers with Societe Generale in France falling 7%, while BNP Paribas had fallen 6.3%, and Credit Agricole had lost 5.9%.
German's Commerzbank was down 5.7% and in the UK, Lloyds Banking Group had fallen 4.2%.

Greece had previously stated that it needed the money by mid-October to avoid defaulting on its loans, but this delay now means that Greece may not get its next loan tranche until November.