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European debt crisis Live: World markets slide as EU meeting stalls

• Osborne to join Ecofin meeting in Luxembourg
• FTSE 100 expected to open 85 points lower at 4,989
• US stocks to open down after record falls on Monday
• Euro touches decade low
• David Cameron to speak on Today programme at 8:10am

7.52am: The FTSE 100 is expected to open 85 points lower at 4,989 at 8am following losses in Asian markets. Exchanges in Germany and France are trading 1.6-1.7% lower in pre-market trading.

Banking stocks will be in focus again particularly Dexia, the Franco-Belgian bank which suffered a 10% share price drop on Monday due to fears about its €4.8bn exposure to Greek debt. As my colleague Jill Treanor reported the bank’s board was locked in crisis talks last night

7.34 am: George Osborne will today call on European finance ministers to bring a quick and decisive end to the Greek crisis, which continues to dog world markets.

Osborne, who on Monday said resolving the eurozone crisis would be the “single biggest boost to confidence that could happen to the British economy”, will tell fellow finance leaders in Luxembourg that they must figure out how to resolve the debt crisis as soon as possible.

My objective is clear.The eurozone’s financial fund needs maximum firepower. The eurozone needs to strengthen its banks.
And the eurozone needs to end all the speculation, decide what they’re going to do with Greece, and then stick to that decision.
The time to resolve the crisis is now. They’ve got to get out and fix their roof, even though it’s already pouring with rain.

Osborne said at the Conservative Party conference yesterday, as he announced a “credit easing” programme to help small businesses

Eurozone finance ministers, who are nicknamed ecofin, argued well into the evening last night but, once again, failed to come to any decisions. A plan to release of €8bn of aid to November appears to have been delayed by Athen’s admission that it will not meet its deficit reduction targets.

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