S&P 500 hits year low on Greek bailout fears

Ministers have not yet approved the release of next tranche of bailout cash, totalling €8bn and scheduled for release in mid-October, over concerns Greece has not acted sufficiently to balance its books. A final meeting will take place on 13 October in which leaders will attempt to thrash out a deal. The indecision resulted in investors offloading banks, as fears intensify of a lender failing as Greece's financial crisis deepens. The S&P 500 declined 2.9% or 32 points to 1,099, while the Dow Jones fared no better, down 2.36% or 258 points to 10,655. US financial stocks fell 4.5%...