European shares extend falls on debt worries

LONDON (BestGrowthStock) – European shares extended falls on Tuesday and hit a fresh two-month low on growing concerns that a massive bailout for Greece’s may be insufficient in preventing a wider euro zone debt crisis.

By 1507 GMT (11:07 a.m. EDT), the pan-European FTSEurofirst 300 (.FTEU3: ) was down 3.1 percent at 1,031.90 points, and hit its lowest level since early March at 1,031.19 points. The index is down 1.4 percent for the year.

Banks were among the biggest fallers, with Barclays (BARC.L: ), HSBC (HSBA.L: ), Societe Generale (SOGN.PA: ), BNP Paribas (BNPP.PA: ) and Deutsche Bank (DBKGn.DE: ) down 3.3 to 5.1 percent.

Spain’s Banco Santander (SAN.MC: ) and BBVA (BBVA.MC: ) and Portugal’s Banco Espirito Santo (BES.LS: ) tumbled 5.6 to 8.3 percent, while Greek banking stocks (.FTATBNK: ) fell 10 percent.

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(Reporting by Harpreet Bhal)

European shares extend falls on debt worries