European Markets Hammered On Hungary Woes

Stocks in Europe are trading sharply lower following a Bloomberg report indicating the Prime Minister of Hungary's spokesman said that Hungary default talk is "not an exaggeration." The spokesman also said Hungary's economy is in a "very grave situation."

This report sent the euro to a fresh four-year low and the euro is trying to find support above 1.2000.

Here are how the European markets are faring:

The U.K. FTSE is down 1.7%.

The German DAX is lower by 1.8%.

The French CAC is off 2.8%.

The Spanish IBEX is down 3.2%.

Italy is down 3.5%.

Hungary's Budapest Stock Index is down 7.1% and the Hungarian Traded Index is down 11.5%.