European stocks dip as pressure upped on Greece

Europe's leading stock markets slid at the start of trading on Tuesday after eurozone finance ministers heaped pressure on Greece to prevent a debt default. Frankfurt's DAX 30 shed 1.0 percent to 6,372.49 points, the Paris CAC 40 lost 0.51 percent to 3,321.37 points and in London the FTSE 100 retreated 0.61 percent to 5,751.55. Eurozone finance ministers pressed Greece early Tuesday to prepare new budget cuts soon and conclude negotiations with bank creditors on a massive debt writedown within days to avoid a messy default. The ministers called on Greece and its EU-IMF auditors "to agree the key parameters of an ambitious adjustment programme as soon as possible," Luxembourg Premier Jean-Claude Juncker, head of the Eurogroup, told a news conference. European economic affairs commissioner Olli Rehn also urged Greece to accelerate economic reforms in order to spur growth, after talks between finance ministers that began Monday afternoon and ended past midnight.