"Gloomy News"? Bailing out the banksters again is the last thing ordinary people need. It's yet another scam to fleece the public. Default is to be welcomed as is the break up of the Eurozone and the corruption and exploitation that goes with it. It will hard for everyone. Very hard. However, at minimum, birthing a new financial architecture is what we need and it will not come without pain.
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France24
News that Greece will fail to meet the deficit targets set by international lenders sent markets tumbling on Monday morning as eurozone finance ministers gather in Luxembourg to discuss the bloc's deepening crisis.
Greece's admission that it will miss its deficit target this year despite harsh new austerity measures sent stock markets reeling on Monday and raised new doubts over a planned second international bailout.
The gloomy news from Athens brought the spectre of a debt default closer and will weigh on talks among euro zone finance ministers in Luxembourg later on Monday on the next steps to try to resolve the currency area's sovereign debt crisis.
European bank shares suffered the heaviest falls on fears that private sector bondholders may be forced to absorb bigger losses than agreed in a July rescue plan for Greece, which was based on more optimistic growth forecasts.
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