Today's Coming Crisis Movie

Wednesday, May 23, 2012

World markets tumble on Greece, China

NEW YORK (CNNMoney) -- World markets plunged Wednesday on renewed anxiety over Greece ahead of a meeting of European leaders, and signs that the Chinese economy is losing steam.

European leaders are gathering in Brussels for an informal dinner Wednesday amid new threats to the troubled euro currency union.

The leaders are expected to discuss ways to boost economic growth and create jobs. This is the first summit for newly elected French President Francois Hollande, who campaigned on a shift away from austerity cuts in favor of more growth-orientated policies.

BNP Paribas analyst Luigi Speranza said the so-called "growth pact" will focus on infrastructure projects and improved targeting of eurozone funds, but he was pessimistic about the meeting's outcome. Read More