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Moody's Corporation

European and U.S. stock markets plunge as Greek crisis deepens

European and U.S. stock markets plunge as Greek crisis deepens

U.S. stocks dropped sharply Monday and global markets plummeted even more as the crisis between Greece and its Eurozone creditors edged toward a financial cliff for the nation. Major U.S. indexes lost more than 2% and European markets fell more than 3% as investors shifted into safer assets, mainly U.S. and German bonds, until the Greek debt drama resolves itself with a default, a deal or an extension. Without an extension, the Greek government is expected to default on a $1.8-billion payment Tuesday on its bailout from European creditors and the International Monetary Fund. U.S. officials warily watched the crisis unfold, but analysts said the risk that Greece's problems would...

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