Bloomberg News

U.S. Stocks Extend Declines on Concern Nations May Exit Euro

November 09, 2011

Nov. 9 (Bloomberg) -- U.S. stocks extended declines following a report that German Chancellor Angela Merkel’s party wants to make it possible for European nations to exit the euro area.

The Standard & Poor’s 500 Index lost 3.6 percent to 1,230.66 at 2:11 p.m. in New York, its biggest drop on a closing basis since Aug. 18.

Merkel’s Christian Democratic Union party wants to make it possible for European Union members to exit the euro area, Handelsblatt reported in a preview of an article to be published tomorrow, citing unnamed participants in the discussion.

A commission within the party, that is crafting a framework

to be presented at a party meeting, has proposed allowing a euro

member who doesn’t want to or isn’t able to comply with the common currency rules to leave the euro region without losing membership in the EU, the newspaper said.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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