European stocks dropped to weekly slump, as European finance chiefs failed to ease concern over deficits in Greece, Portugal and Spain.

National Bank of Greece SA and EFG Eurobank Ergasias SA, the countries' biggest banks, sank more than 3 percent. Aker Solutions ASA tumbled 8.3 percent after missing out on an order. Dexia SA surged 3.3 percent after saying it won't need to sell its Turkish unit or its asset-gathering business to win European Union approval for a taxpayer-funded bailout.

"We need to continue to deliver the stimulus to which we are mutually committed and begin looking at exit strategies to move to a more sustainable fiscal track", Canadian Finance Minister Jim Flaherty told.

National Bank of Greece, the country's biggest lender, tumbled 4 percent to 13.54 Euros while Eurobank, the second- largest, and dropped 3.6 percent to 5.35 Euros. Dexia, which received billions of Euros in capital and funding guarantees from France, Belgium and Luxembourg, rallied 3.3 percent to 4.16 Euros, paring four days of declines.

Xstrata, the world's largest exporter of coal, gained 1.2 percent to 961.5 pence. Full-year operating earnings before interest, tax, depreciation and amortization, or Ebitda, fell 27 percent to $7.05 billion.

But Mialich said the euro would need to hold above $1.3750 for the rebound to become more convincing.