Global Markets Fall on Greek Default Concerns

Global stock markets fall sharply on heightened fears a Greek debt default could trigger a banking crisis. Many all over the world fear that this banking crisis could bring the global economy into a double-dip recession.

BY SHRI NAVARATNAM
OCTOBER 4, 2011, 4:50 P.M. ET
Wall Street Journal

SINGAPORE—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 ...

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