Portugal economic crisis sends stock markets tumbling!
LONDON, England (PNN) - July 3, 2013 - Stock markets were spooked by Portugal’s descent into political chaos on Wednesday as the threat of a government collapse sent the country's borrowing costs into critical territory and threatened a new phase in the eurozone crisis.
The FTSE fell 74 points, or 1.2%, while the German Dax and French CAC tumbled 1.5% as markets digested rumors that the resignation of Portugal's finance minister and foreign minister could be followed by more colleagues. Market unease over the health of the world economy was exacerbated by the political drama unfolding in Egypt and a weakening in China’s growth.