Growing fears of a Greek default sent a hurricane through heavily exposed French banks on Monday and hit the euro as investor confidence in the European currency area's ability to surmount a sovereign debt crisis ebbed.
Societe Generale said it would cut costs and sell assets to free up 4 billion euros in fresh capital on Monday, although the surprise move failed to stem a sell-off in French bank shares, driven by fears of a Greek debt default.
The New York Stock Exchange and NYSE Amex Cash Markets invoked Rule 48 on Monday, as fears of a credit rating downgrade of French banks and the lack of a solution to Greece's debt problem heightened concerns about the euro zone's debt crisis.
Obama confronts jobs "crisis" with $447 billion plan
President Barack Obama challenged Congress on Thursday to enact a $447 billion package of tax cuts and new spending to revive a stalled job market but he faces an uphill fight to win over Republicans and restore public faith in his economic stewardship.
World financial markets have been thrown into fresh turmoil after the abrupt resignation of Germany's member of the European Central Bank's board exposed the deepening divisions over the bank's handing of the eurozone debt crisis.