Monday Jun 25, 201203:28 PM GMT
European stocks plunge ahead of EU summit on eurozone crisis
View of the IBEX-35 index curve on June 12, 2012, at Madrid
View of the IBEX-35 index curve on June 12, 2012, at Madrid's stock exchange.
Mon Jun 25, 2012 1:0PM
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European stocks have tumbled and the euro has slid against the dollar ahead of a major European Union summit this week over the eurozone debt crisis.

London's benchmark FTSE 100 index of leading shares was down 0.74 percent. Frankfurt's DAX 30 slid 1.77 percent and in Paris the CAC 40 shed 1.95 percent.

Madrid tumbled 2.75 percent, Milan dived 2.94 percent and Athens plunged 4.35 percent.

Meanwhile, the euro dropped to USD 1.2490 from USD 1.2569 late on Friday in New York in foreign exchange deals.

An EU meeting is set to be held in Brussels on Thursday and Friday under global pressure to head off a potentially catastrophic economic collapse.

The new government in Greece, which was to use the summit to request revisions to its bailout deal, wants the bailout conditions eased, including a delay in a deficit reduction deadline to 2016 from 2014.

This is while the debt crisis has infected Spain and is threatening Italy after bailouts for Greece, Ireland and Portugal.

Madrid on Monday formally requested a rescue loan of up to 100 billion euros (USD125 billion) from its eurozone partners.

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