Business World

Thursday 14 December 2017

London continues to slide over eurozone rescue doubts

THE London stock market continued to slide today 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.

Press Association

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