News that Greece will fail to meet deficit reduction targets pushed the FTSE 100 down 2.8% at open, dragging it below 5,000 points.
The blue chip index opened down 145 points at 4,983, before recovering some ground to stand 1.97% down at 5027.40 at 10am. Shares across Europe were also falling in the wake of Sunday's announcement from Greece that it will not meet deficit reduction targets. Germany's Dax opened down 200 points, or 3.6%, to 5,301, with France's Cac 40 down 3.1% to 2,890. The Euro Stoxx 50 fell 3% to 2,115. In the UK, Barclays was the largest faller, down 5.9% to 152.2p, with Royal Bank of Scotland falling 5.3% to 22.3p and Lloyds Banking Group down 4.4% to 33.3p. Burberry group fell by 5.8% to 1,1...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes