(menafn – ecpulse)
European stocks dropped for the fifth day after Eurozone finance ministers and International Monetary Fund (IMF) failed to release a second batch of aid to Greece.
International lenders were at loggerheads on how to repay Athens accumulated debt.
The European ministers deferred Monday night the decision of releasing the second tranche of the bailout, worth 31.3 billion euros, until next week on November 20.
Looking at the Brightside, however, the European Union finance ministers agreed to give Greece two more years to tread water on targeted public debt – 2022 instead of 2020. This pushed IMF Chief Christine Lagarde to further insist on grabbing the original deadline with hands and feet, which consists of Greece reaching targeted public debt by 2020.
At 03:38 EST precisely, Frances CAC 40 dipped to 3388.22, by 0.83%, German DAX by 0.70% to 7118.28 and also British FTSE to 5728.01 down by 0.68%.
At 12:03 (GMT 3), the euro declined against the U.S. dollar trading at 1.2679 after opening at 1.2707. The EUR/USD pair hit highest intraday at 1.2708 and popped back to lowest at 1.2664.