Stocks sink as Greek talks col­lapse; Grexit pos­si­bil­ity

The China Post - - INTERNATIONAL - BY ROLAND JACK­SON

Euro­pean stocks sank on Mon­day, with Athens plung­ing by more than seven per­cent at one stage, af­ter week­end talks be­tween Greece and its cred­i­tors col­lapsed spark­ing fresh fears of a Greek euro exit.

Ne­go­ti­a­tions be­tween Greece and its cred­i­tors broke down in less than an hour on Sun­day, with each side blam­ing the other’s re­fusal to back down on cer­tain is­sues.

On Mon­day, the EU pressed Greece to match ma­jor con­ces­sions made by its in­ter­na­tional cred­i­tors.

“It’s not a one-way street,” Eu- ro­pean Com­mis­sion spokes­woman An­nika Brei­dthardt told a press con­fer­ence af­ter say­ing the EU-IMF cred­i­tors have made “ma­jor con­ces­sions” to the left-wing gov­ern­ment in Athens.

The EU ex­ec­u­tive also said Greece has agreed to bud­get tar­gets for 2015, but then asked “how cred­i­ble the com­mit­ments are” to achieve them.

With Athens due to re­pay bil­lions of eu­ros in loans by the end of the month, the lat­est fail­ure raises the specter of a de­fault, which could ul­ti­mately lead to the coun­try crash­ing out of the eu­ro­zone.

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