Market Report: FTSE 100 massacred as eurozone fears intensify
On a day where company news took a back seat, Europe was the focus; and a bloodbath ensued. The FTSE 100 fell after three days of rises, and boy, what a fall.
The top tier gave up a whopping 3 per cent, or 170.8 points, to close at 5,262.8. While there had been a slight wobble in London over potential disagreements in the coalition government, the fracturing of the eurozone really caught the imagination. Fears escalated on reports that the French President, Nicolas Sarkozy, had threatened to pull the country out of the euro if Germany failed to help Greece. Deutsche Bank’s chief executive, Josef Ackermann, did not help as he predicted that the Greeks would never pay the debts back in full.
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