Hong Kong stocks plunge 4.95 percent at noon

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HONG KONG: Hong Kong stocks plunged almost five percent by the break Monday on new fears about the eurozone debt crisis after Greece said it would miss the deficit target set by the IMF and EU.

The benchmark Hang Seng Index was down 869.95 points, or 4.95 percent, at 16,722.46.

Athens said on Sunday that Greece's budget deficit will hit 8.5 percent of GDP in 2011, missing the 7.4 percent target set earlier as part of a bail-out agreement. It will also miss its 2012 mark, the government said. (AFP)