Next Gen News

. The FTSE 100 fell 3.5% below 4900

. Children of the Ecofin in Luxembourg, have ended their days, but

still

took no decision. George Osborne is with them now. . Evangelos Venizelos, Greek Minister of Finance, flew home to Athens to tell his people that "there are discussions about a". . Half a billion euros has been wiped off the market value of Franco-Belgian bank Dexia.

. Deutsche Bank, First Bank of Germany, issued a profit warning and announced plans for 500 cuts jobs.

14:27:

Hello everyone - this is

Alex Hawkes resume

Rupert Neate

, who continued to write a story for the newspaper.

start with some bad news -. U.S. S & P 500 is configured to enter the country in a bear market when it opens in five minutes or less

The general rule is that a fall of 20% constitutes a bear market. The S & P 500 peaked this year, in 1370, and last night closed in 1099. Stock Futures are predicting a slight decline, which will lead us to a bear market territory.

1:07 p.m.

good time for a lunch break re-cap

. The FTSE 100 fell 3.5% below 4900

. Children of the Ecofin in Luxembourg, have ended their days, but

yet

have not made a decision. George Osborne is with them now.

. Evangelos Venizelos, Greek Minister of Finance, flew home to Athens to tell his people that "there are discussions about a".

. Half a billion euros has been wiped off the market value of Franco-Belgian bank Dexia.

. Deutsche Bank, First Bank of Germany, issued a profit warning and announced plans for 500 job cuts.

. S & P warned: ". The specter of a relapse into recession in Europe trades more"

24:46:

seems Venizelos has the demonstrators to avoid a press conference at the end of Athens.

No discussion of a fault. While state mechanisms do not work and if we do not have the national cohesion and solidarity is necessary, of course, we have problems with the objective of 8.5%. We will not take further steps, which are not necessary, provided they are compatible

said that Greece could wait until mid-November to receive the next tranche of EU / IMF aid, the Greek authorities had already said that he needed this month. The delay gives the European authorities more time to apply pressure on Greece to implement reforms.

24:12: Helen Smith, our reporter on the ground in Greece, warm feet during a press conference of the urgency of the EU decision to suspend aid until November.

Helena said he was supposed to start before noon, but was delayed by the protest of the Ministry of Finance staff in their offices.

National officials of the Ministry of Economy are desperately seeking a new place to keep the decision weighed heavily on the Greek government and a huge disappointment (stained despair) that, without doubt, Evangelos Venizelos, the Greek Minister of Finance, will speak to the press. These unions to intensify their attacks and protests by transportation workers before the general strike tomorrow.

11:58

French and Belgian governments have pledged to support Dexia shares, as a Franco-Belgian lender step. But if it's a bailout that could have a little problem: Dexia more active to ensure that the annual GDP of Belgium

share recovered slightly from -38% to -22%, but has swept more than half a billion euros in market value of the company.

The Belgian government has tried to reassure shareholders they will not lose their savings.

"We promised to all account holders and savers will not lose one euro cent in the crisis. There is no reason why, "said Yves Leterme as prime minister of Belgium.

said the Belgian government was "firmly committed" to help Dexia, nobody loses, adding that the French and Belgian authorities were in talks to see how you can "cooperate in solidarity as shareholders Dexia to manage through this difficult time. "

In a previous statement inaccurate, said Dexia board to resolve their "structural problems", but gave no details. It has been speculated that the bank will be divided with the support of French and Belgian governments, which have a stake in the bank after a ransom of 2008.

11:30: "French Finance Minister says stock of Dexia is advanced cleaning, and the situation is exacerbated by liquidity problems," says Italian journalist business on Twitter @ FGoria

11:05 Deutsche Bank, First Bank of Germany, issued a profit warning and announced 500 layoffs.

face of "current market turbulence, our expected pre-tax ? 10 billion in business our goal is not achievable by the year 2011," the bank said in a statement .

The intensification of European sovereign debt has led to continued uncertainty among market participants in the third quarter and significantly reduces the volumes and revenues.

In response to the slowdown and no significant decrease in client activity, Deutsche Bank will take into account cost control in addition to those already implemented "in their business and banking division of investment. This will lead to a reduction of 500 positions.

Josef Ackermann, CEO of Deutsche Bank, said.

The bank booked a ? 250 over ? 1.15 billion of exposure to the Greek debt.

Ackermann said most of the layoffs would not be in Germany, suggesting that workers at Deutsche Bank in London, facing the ax.

The shares are down over 6%.

10:45:

Unemployment in Spain rose by 95,800 4.22m

other in September. This was the largest monthly increase since January.

finance minister of Spain, who is in Luxembourg for the emergency meeting of Economy and Finance, said that the figures are worse than expected, but said he would change plan recovery of the country.

The overall unemployment rate in Spain, which is published separately, amounts to just under 21%.

9:59:

David Gow, the man on the ground in Luxembourg, has spent the morning hunting for George Osborne, who slipped in the countries caught early this morning.

George Osborne has been here for two purposes. Products of the action in the euro area more decisive, in particular strengthening the banking sector, and save time on proposals to regulate trade OTC derivatives

The Chancellor is obviously treading a fine line - batting for British interests, while the berries Tory right to a referendum on leaving the EU as a whole and to assist in the Manchester euro area to resolve the crisis without going into a raw, arrogant intruder armed with all the answers.

is a matter of great sensitivity, particularly in France - and boosted by the wide track dropped last night by Jean-Claude Juncker, Eurogroup President, the holders of corporate bonds ( banks of Europe) compared with more hairstyles than 21% agreed when the second rescue plan was signed on July 21.

typically terse, playful mood, Juncker said. "Keep in mind that have changed since the decisions taken by the July 21, so we take into account the technical changes" but he said nothing - with a cruel smile

Therefore, it is unlikely that Osborne will completely gain visibility in the position of the euro area in the period before the next meeting of G20 finance ministers in Paris. What he wants, however, to advance the idea that the current British EU plans to regulate derivatives over the counter are too narrow (excluding operations in trade) and do not meet the standards-G 20. He came armed with a declaration to that effect from the FSB.