TORONTO – The Toronto stock market tumbled more than 300 points after the Greek prime minister stunned markets by announcing the country will hold a referendum on its latest rescue package.
The vote would threaten a comprehensive plan to resolve the European debt crisis reached just last week.
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The S&P/TSX composite index plunged 337.93 points or 2.76 per cent to 11,914.13.
The Canadian dollar got caught up in the pessimism, losing 2.11 cents to 98.22 cents US as traders piled into the safe haven status of the U.S. dollar.
U.S. markets also sold off as the Dow Jones industrial index fell 255.73 points to 11,699.28, the Nasdaq composite index dropped 79.48 points to 2,604.93 and the S&P 500 index lost 26.66 points to 1,226.64.
The higher U.S. dollar and worsening demand prospects sent commodity prices reeling with oil down $3.65 to US$89.54 a barrel.
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