On Friday it was seen that Eurozone has again come under pressure and had dropped to an 18 month low of 1.24 against the dollar. It was feared that the severity measures that were planned by the debt ridden nations of the Eurozone could throttle economic growth.

It was noticed that there was a concern amid the investors regarding these nations' aptitude to apply severe spending cuts in the middle of the mounting public protests.

It was also seen that the global shares also reduced sharply, whereas gold rose to an all-time peak of 1,250 dollars per ounce as the investors flocked to their traditional safe place.

According to the Market analysts, there were new worries regarding the impact of the strictness measures that were planned by Greece, Portugal and Spain on global economic growth.

It was noticed that the investors were worried about the efficiency of the 750 billion euro bailout package which used to prevent the debt crisis in Greece.

A drop was seen in the index of the stock market across Europe. It index had dropped by 6.6%, whereas the UK's main FTSE Index was down by 3.1%, France's Cac by 4.6% and Germany's Dax by 3.1%.

In the Friday’s decline it was noticed that the bank stocks were hit the hardest and the losses were reported by the main European banks.