European Stocks Drop as Greeks Fail to Agree on Austerity
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European stocks fell from a six month-high this past week, as Greece’s coalition government failed to agree on the remaining spending cuts needed to obtain financial aid from the European Union and stave off a default.
Xstrata Plc fell 6.6 percent as some investors opposed Glencore International Plc’s $39 billion takeover proposal. Credit Suisse Group AG sank 8.1 percent after posting a loss when analysts had predicted a profit. Vestas Wind Systems A/S dropped 23 percent as the wind-turbine maker reported a full-year loss four times wider than analysts had forecast.