May 9, 2011
European stock markets have fallen on continuing concerns that Greece may require a new financial bail-out deal.
The falls follow comments on Friday by Jean Claude-Juncker, chairman of the eurozone finance ministers, that Greece may need a "further adjustment plan".
France's Cac 40 index ended Monday down 1.3%, while Germany's Dax fell 1.1%, with bank shares leading the declines.
Meanwhile, credit rating agency Standard & Poor's (S&P) cut Greece's bond grade further into junk status.
S&P has reduced its rating from BB- to B, saying Greece will probably have to negotiate an extension to its dept repayments.
Later in the day, fellow ratings agency Moody's threatened to follow suit, saying it would review its B1 rating for Greece for a possible downgrade.
The agency blamed the increased 2010 deficit, as well as its doubts about whether Greece would meet its austerity targets and whether the Greek economy would recover quickly enough.
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