TORONTO - The Toronto stock market closed deep in the red on more worries that a planned bailout for Greece will fail and lead to a government debt default.
A default by Greece or another country would send shock waves through the global economy.
The S&P/TSX composite index tumbled 235.22 points to 11,585.87 while the Canadian dollar fell 1.16 cents to 96.84 cents US.
New York's Dow industrials fell 179.79 points to 11,010.9. The Nasdaq composite index lost 55.25 points to 2,491.58 while the S&P 500 index shed 24.32 points to 1,151.06.
Oil fell $3.24 to US$81.21 a barrel.
Stocks sold off after German Chancellor Angela Merkel hinted that the second Greek bailout package might have to be renegotiated. There are also signs of divisions among leaders with reports of heavy resistance to a proposal to ask private holders of Greek debt take on bigger losses.
