European stocks slump at open; Frankfurt down over 3.0pc

LONDON: European stock markets slumped at the start of trading on Monday, with Frankfurt shedding more than 3.0 percent on increased expectations that Greece was set to default on its debt, traders said.

The London, Paris and Madrid markets dropped more than 2.0 percent, one day after Greece said that its budget deficit should drop in 2011 but fail to meet the country's target, heaping further pressure on the eurozone debt crisis.