TORONTO - The Toronto stock market saw a triple-digit drop in the first few minutes of trading Thursday as persistent European debt problems outweighed some positive Canadian economic news. The S&P/TSX composite index plunged 130.65 points to 12,003.90. All Toronto sectors declined amid lower commodity prices and some weaker-than-expected earnings reports. The financially stricken Greece proved to be a major weight on markets in early trading after the European Union's statistics office said the country is showing an even bigger budget deficit for 2009 than previously thought. Greece's budget deficit in 2009 equalled 13.6 per cent of economic output - up from the previous estimate of 12.9 per cent. Meanwhile, Britain posted its largest annual budget deficit since the Second World War on Thursday as campaigning for a tight national election intensified. At 10.9 per cent of gross domestic product, the U.K. 2009-10 borrowing figures were slightly better than forecast by the government, but still revealed the extent of Britain's economic troubles. The Canadian dollar lost 0.38 cent to 99.70 cents US, slipping back under parity with the American greenback after gaining significant ground over its U.S. counterpart earlier this week. On the TSX, the base metals sector was the biggest decliner, losing 1.75 per cent as the May copper contract on the New York Mercantile Exchange slipped 5.05 cents to US$3.48 per pound. Teck Resources Ltd. (TSX:TCK.B) shares lost 60 cents to C$41.11. The energy sector also dropped dramatically, losing 1.5 per cent as the June crude contract on the Nymex fell $1.62 cents to US$82.06 a barrel. This followed a report by the U.S. Energy Information Administration that the nation's oil supply grew last week to 355.9 million barrels and gas supplies rose to 3.6 million barrels. Shares in Suncor Energy Inc. (TSX:SU) lost 60 cents to C$33.46.

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