Wall Street Journal
October 4, 2011
Stock markets in Europe and Asia dropped sharply on heightened fears a Greek debt default could trigger a banking crisis in the region and tip the global economy into a double-dip recession.
Growth-sensitive stocks were battered in much of export-dependent Asia amid concerns the West's problems could severely crimp shipments of electronics, cars and other consumer goods. Turbulence in equities, commodities and currency markets left many investors grappling to contain losses on their investments.
Banking stocks dived in Europe as investors slashed their exposure to the financial sector on worries European policy makers will fail to contain the region's debt crisis. The latest turmoil came after euro-zone finance ministers delayed a decision on Greece's next tranche of bailout loans, sparking concerns of a Greek debt default.
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