Morgan Stanley: Greece Calls In Sick Loser
NEW YORK (TheStreet) -- Morgan Stanley (MS) was the loser among the largest U.S. financial names on Monday, with shares sliding 5% to close at $13.49, as both the Greek prime minister and finance minister threw an ailment monkey wrench into Europe's debt crisis.
The government of Cyprus announced a formal request for top European officials for bailout funds, because of the island nation's "large exposure in the Greek economy," just hours after Spain formalized its request for 100 billion euro in assistance for its banking sector from the European Financial Stability Facility. Meanwhile, Greece's finance minister Vassilis Rapanos resigned because of health concerns, according to several reports.
European leaders will meet later this week to negotiate a plan to stabilize the region.
The KBW Bank Index (I:BKX) declined 3% to close at 43.89, with all 24 index components showing declines.
Morgan Stanley's shares have now declined 10% year-to-date, following a 44% decline during 2011.