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FTSE 100 drops to seven month low

The FTSE 100 was down 2% in early afternoon trading amid concerns regarding the European Union and the direction of the euro. Despite the fact that Germany has stepped forward with a proposal to overhaul the finances of the euro zone and the European Union it seems that many investors are still concerned about the short to medium term situation.

The European debt crisis is literally going from bad to worse and investors have for some days now been looking toward safe havens such as gold. As a consequence European stock markets, and worldwide stock markets in general, remain very weak with nothing on the horizon to change this trend. Despite European Union members looking to firm up the finances of the Euro zone it is difficult to say at this moment in time where the additional money will come from.

After a period of friction between the likes of Germany and France it now seems as though all EU members have been forced to pull together to put on a united front. How long this will last remains to be seen as there appear to be deep seated issues to resolve within the EU.

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