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Europe Faces 'Lehman Moment'

Concerns about Greece roil financial markets.

By Mark Gilbert, Liz Capo McCormick, Bloomberg | Updated on June 16, 2011

The European Union’s failure to contain the Greek debt crisis is sending fresh shockwaves through currencies, money markets, equities and derivatives.

The euro lost more than 2 percent against the dollar in the past two days and the cost of protecting corporate bonds soared to the highest level since January, with credit-default swaps anticipating about a 78 percent chance that Greece won’t pay its debts. Equities declined around the world, while a measure of fear in fixed-income markets jumped the most since November.

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