European stocks closed down sharply today, with Frankfurt's DAX losing 3.35 percent to 5,606.00 points and France's CAC-40 dropping 3.41 percent to 2,894.94 points.

London's FTSE-100 gave up 2.62 percent to 5,222.60 points while Madrid slumped 3.48 percent and Milan plunged 4.74 percent.

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