European equity markets closed down for the fifth week in a row for the first time since Summer 2011's European crisis. The 3.75% loss on the week in the broad (S&P 500 equivalent) Bloomberg Europe index is the biggest drop in 13 months to close the week unchanged on the year. Italy and Spain were the worst performers - down around 4.5% to 5% on the week - even as sovereign spreads held in only 9bps wider on the week. Europe's VIX surged to 24% - its highest close in 4 months. Greece's problems are emerging once again - smashing the EUR down over 2% in the last 3 days - its worst drop in 11 months as GGBs (and Greek stocks) plunge.
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Across the indivisdual indices, things were cosniderably worst...
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EURUSD has been crushed down 2% in the last 3 days... as IMF/ERT/Coalition fears arise over Greece and event risk...
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The Athens Stock Index dropped 9.5% in thelast 2 days - pretty much the biggest such drop since 2008...
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and Greek bonds have seen their biggest 2-day price drop since the bailout...
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Charts: Bloomberg