NEW YORK - June 16, 2011 - The European Union’s failure to contain the Greek debt crisis is sending fresh shockwaves through currencies, money markets, equities and derivatives.

The euro lost more than 2% against the dollar in the past two days and the cost of protecting corporate bonds soared to the highest level since January, with credit-default swaps anticipating about a 78% chance that Greece won’t pay its debts. Equities declined around the world, while a measure of fear in fixed-income markets jumped the most since November.

Market moves suggest heightened concern that authorities won’t be able to keep Greece’s debt troubles from spreading after Moody’s Investors Service said it may downgrade BNP Paribas S.A. and two other big French banks because of their investments in the southern European nation. The collapse of Lehman Brothers Holdings, Inc. in September 2008 caused credit markets worldwide to freeze as investors fled all but the safest government debt.

“The probability of a euro zone Lehman moment is increasing,” said Neil Mackinnon, an economist at VTB Capital in London and former UK Treasury official. “The markets have moved from simply pricing in a high probability of a Greek debt default to looking at a scenario of it becoming disorderly and of contagion spreading to other economies, like Portugal, Ireland, and maybe Spain, Italy and Belgium.”