Markets spooked by Greece situation

Worries about the worsening financial situation in Greece have spooked European markets, at the end of what had been a mostly positive week.

Stocks have closed down in London, Paris and Frankfurt and New York';s Dow Jones index is having another roller-coaster session. It was down almost 150 points in early trading, but has clawed back some if its losses to and is currently down 99 points.

Greece';s deficit hit 12.7 percent of gross domestic product last year, which is more than four times EU limits. It also had a debt downgrade from A minus to BBB+. Fitch rating agency said the country';s medium term outlook was negative.

- Newstalk ZB