March 21, 2010

Asia Stocks Dip on Greece

According to Asian market news the euro and asian stocks fell on Monday on renewed concerns over Greece's debt problems ahead of a euro zone summit, while India's surprise interest rate hike last week weighed on commodity currencies.

The euro struggled as EU leaders seemed at odds over how or whether to offer assistance to Athens, setting the scene for a tense summit on March 25-26 and fuelling doubts over whether euro zone states will agree to any support package.

Greece has said that it might have to turn to the International Monetary Fund for help.

The MSCI index of Asia Pacific stock market outside Japan shed just over 1 percent, giving up some of its recent gains, with weaker commodity and oil prices weighing on shares of resource companies such as BHP Billiton, which fell 1.5 percent.