Global equity markets tumble as euro area panic sets in

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Equity markets across the globe took a hammering on Friday amid renewed concerns over the stability of European sovereign nations.

After the initial optimism following the announcement of a €109 billion ($153.8 billion) bail-out package for Greece on July 21, concerns that the sovereign debt crisis in periphery countries could spread to Italy and Spain have sent European stocks sliding, with the FTSEurofirst 300 index of top European shares down 8.9%.

The uncertainty in Europe has now spread to

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