Global markets rattled by shock at Greek deficit

Shares tumbled across the globe today on fresh fears that Greece's financial position is worsening.

Markets were unnerved when the Greek government posted a 2009 budget deficit of 32.34 billion (£27.97 billion) — 13.6% of GDP, and far worse than the 12.7% expected. Nick Kounis at Fortis said: "A terrible situation just got worse."

In response, the Dow Jones lost 100.44 points to 11,023.65. The FTSE slipped 46.11 to 5677.32. The concern is that Greek problems suggest other nations are also struggling to deal with debts.

Greece's finance ministry insisted the new numbers won't alter its plan to shrink the deficit by four percentage points this year.

Some economists say that Greece's figures are not reliable in any case, increasing the concern that the country is in worse shape than it admits.