Stock Futures Slip as Greek Debt Woes Persist

September 19, 2011 - 8:15 AM
Wall Street

In this Sept. 16, 2011 photo, trader Warren Meyers, second left, works on the floor of the New York Stock Exchange. Stocks took a hammering Monday, Sept. 19, 2011, as Greece struggled to convince international creditors that it can meet its obligations in return for more bailout cash that it needs to avoid running out of funds as soon as next month. (AP Photo/Richard Drew)

NEW YORK (AP) — Stock futures are dropping on fresh doubts about a bailout package for Greece. The decline comes in the wake of Wall Street's best week in months.

European finance ministers said Friday they would delay authorizing a new installment of emergency funds for Greece until October. Investors fear that Greece will eventually default on its debts, damaging the European banking system and the global economic recovery.

Later Monday, President Barack Obama is expected to discuss a deficit-reduction proposal that includes $1.5 trillion in new taxes.

Ninety minutes ahead of the market open, Dow Jones industrial average futures are down 133 points, or 1.2 percent, at 11,313. Standard & Poor's 500 futures are down 17, or 1.4 percent, at 1,195. Nasdaq 100 futures are down 32, or 1.4 percent, at 2,275.