European stock markets drop as Greek default nears

Europe's main stock markets fell on Tuesday as Greece confirmed it would not make a debt payment due to the International Monetary Fund by day's end, placing it on course to default. In afternoon deals Tuesday, Frankfurt's DAX 30 dropped 0.39 percent to 11,040.44 points and in Paris the CAC 40 slipped 0.32 percent to 4,854.44 compared with Monday's close. Losses across stock markets were less acute compared with Monday, when the Frankfurt and Paris indices both closed down mo