European finance ministers are considering making banks take bigger losses on Greek debt and have postponed a vital aid payment to Athens until mid-November, setting up a crunch point in the Euro zone's sovereign debt crisis.
Latin American shares sank on Friday as global equity markets plunged on fears a Greek default could hobble major European banks and deepen a global economic slowdown.
Euro zone finance ministers have approved a 12 billion euro instalment of Greece's bailout, but signalled that the nation must expect significant losses of sovereignty and jobs.