A Greek Tragedy Continues; Sending World Markets into a Tail Spin

European stocks dropped to an almost four-month low as investors awaited a resolution to the political impasse in Greece and as Spanish credit risk surged. U.S. index futures and Asian shares also fell.

Bankia SA led a selloff in Spanish banks as the country’s 10-year bond yield climbed above 6 percent. Kloeckner & Co. and Mediaset SpA (MS) both plunged more than 8 percent after reporting first-quarter results. ING Groep NV and Carlsberg A/S (CARLA) paced advancing shares.

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