European stocks lower in midday trading

Eurozone finance ministers have deferred their decision on giving Greece its next instalment of funds to keep economy going. Earlier, Greece said it would not meet this year's deficit cutting plan. European stock prices plunged as investors shied away from the market. London's FTSE index and the CAC-40 in Paris are down 2.7 percent. The DAX index in Frankfurt is down 3.5 percent. In New York, the S&P futures contract is down more than seven points, indicating a lower opening.

Greece Finance Minister, Evangelos Venizelos, said that should not cause any difficulties as the Greek government had no funding problem until November. The Eurozone Finance Ministers have agreed to let Finland receive collateral security for its contribution towards the Eurozone bailout fund. Greece would offering Finland 880m euros of bonds as loan collateral.

Earlier, Asian stocks ended in red at close.