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European debt crisis Live

• World markets tumble as Greece misses its deficit targets
• FTSE 100 expected to open 110-140 points down

7.56am: All eyes will be on Greece again today after the country’s government said it would miss its deficit targets set just three months ago.

The country’s draft budget, approved by the Greek cabinet last night, predicts a deficit of 8.5% of GDP for 2011, well short of the 7.6%.

The timing couldn’t be much worse for Greece as the forecast came while the troika* were in Athens scouring the country’s books to decide whether to approve the next loan tranche.

Greece’s failure sent world markets tumbling, once again, with Hong Kong’s Hang Seng Index losing 5% to its lowest since May 2009 and Japan’s Nikkei closing down 1.8%.

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