A lack of clarity about eurozone and large drawdowns of ECB loans by area banks made markets uneasy.
In Asia, the Nikkei 225 dropped .75% to 8,397. The Hang Seng was down .21% to 18,378.
At the open in Europe, the FTSE 100 was higher by .95% to 5,441. The DAX was up 1.02% to 5,852.
According to MarketWatch,
Banks, which led decliners the prior day, fought to claw back lost ground. Shares of Deutsche Bank AG rose 2.7% and Commerzbank rose 2%.
The credit crisis standstill may be over shortly. The FT reports that Greek creditors will not agree with IMF insistence that they take larger write-offs as the debt of the southern European nations is restructured. That, in turn, could cause resistance if other sovereign economies falter and private bond holders are asked to take large write downs.
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