Eurozone Crisis: FTSE 100 Opens Down Despite G20 Meeting
PRESS ASSOCIATION -- The London stock market continued to slide as traders digested emerging details of a multitrillion-pound eurozone rescue plan.
The FTSE 100 Index was nearly 2% lower as crisis talks between world finance leaders in Washington over the weekend failed to inspire traders.
Emergency measures to rescue the euro, costing two to three trillion euros (£2.6 trillion), and potentially allowing an orderly debt default in Greece, could be revealed in a matter of days.
But Cameron Peacock, market analyst at IG Markets, said: "The key demand from investors is for action as opposed to words."
Britain's top 100 companies saw £78 billion wiped from their value last week as the sovereign debt crisis and America's creaking public finances fuelled fears of another global recession.