Markets in Europe were down sharply at 6.25 AM New York time.
The FTSE was off 2.2% to 5,506. Barclays (BCS) was down 6.9% to 403. HBOS was off 9.6% to 477.25.
The DAXX sold off 3.2% to 6,243. Commerzbank was down 7% to 16.78. Siemens (SI) was off 12.1% on a negative revision of earnings.
The CAC 40 was down 2.3% to 4,487. Alcatel-Lucent (ALU) was off 3.5% to 3.3. Societe Generale was down 7.4% to 63.64.
Data from Reuters
Douglas A. McIntyre
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