Stocks tank as Greece admits it won't hit targets

The AP reports:

Stocks took another battering Monday after Greece admitted it won't meet its deficit reduction targets, raising renewed fears that the country will not get crucial bailout loans it needs to avoid a default.

On Sunday, Greece's finance ministry said the deficit this year will likely be 8.5 percent of its gross domestic product, higher than the 7.8 percent previously anticipated, and blamed a deeper-than-expected recession for the failure. The Greek economy is projected to shrink 5.5 percent this year.