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.
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