Stock markets around the world plunged today after Greek Prime Minister George Papandreou said he will hold a high risk referendum on the country’s participation in the European bailout package.
The Dow Jones industrial average is down more than 260 points at midday Tuesday. The stocks of major banks like Citigroup and JPMorgan Chase were hit the hardest. Treasury bond yields plunged as investors moved money into safer assets.
Intense selling roiled markets in Europe. Italy’s main stock index plummeted 6.2 percent; France’s fell 4.6 percent and Germany’s 4.2 percent.
The Dow was down 266 points, or 2.2 percent, to 11,688 at 11:45 a.m. (1545 GMT). The S&P 500 lost 31, or 2.5 percent, to 1,221. The Nasdaq composite fell 68, or 2.6 percent, to 2,615.
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