Greek Stocks Lead Europe Shares Lower After IMF Payment Deferral

European stocks fell for a fourth day, led by Greece, after the Mediterranean nation became the first country to postpone a payment to the International Monetary Fund since the 1980s.

The Stoxx Europe 600 Index slid 0.9 percent to 389 at the close of trading, extending its lowest level in almost a month. Greece’s ASE Index slipped 5 percent, the worst performance among western-European markets, with National Bank of Greece SA, Eurobank Ergasias SA and Piraeus Bank SA down more than 10 percent. The Stoxx 600 pared losses of as much as 1.4 percent after data showed U.S. payrolls in May increased more than forecast and pay accelerated.

The Stoxx 600 fell 2.7 percent this week, posting its first back-to-back weekly losses since January, as talks failed to end the Greek debt stalemate. It’s slipped 6.1 percent since a record in April.

A gauge tracking ASE lenders posted its biggest drop since March 26 after Greece told the IMF it would delay a debt payment of about $ 339 million due Friday. The country submitted a request to the fund to bundle payments totaling about $ 1.7 billion due this month into one lump-sum payment.

Source : Bloomberg

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