Fears of Greek contagion sweep global markets

GEO 436 NEW YORK: Greece’’s economic crisis sent shivers of fear through global markets on Thursday as investors and policymakers feared it could spread like wildfire through Europe and beyond. The MSCI world stock index fell 0.7 percent, and has now has given up all of its gains so far in 2010 following a steep sell off this week. Japan’’s Nikkei average fell 3.3 percent to its lowest level in nearly two months, while Asian shares outside Japan fell 2percent. The euro sank to its lowest level in 14 months, below$1.28. It has fallen 10 percent since the start of the year as Greece’’s fiscal troubles escalated.

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