Share prices slump after Athens orders banks shut until after Sunday’s snap referendum, with stock exchange closed on Monday and ATM withdrawals limited to €60
Share prices slumped across Europe on Monday as Greece shuttered its banks for a week following a fateful weekend that has shaken Europe’s single currency.
The Greek government decided on Sunday night it had no option but to close the nation’s banks the following day after the European Central Bank (ECB) raised the stakes by freezing the liquidity lifeline that has kept them afloat during a six-month run on deposits.
In London the FTSE 100 tumbled by 150 points – more than 2% – when trading began at 8am BST. There were even sharper falls across Europe, with the French and German markets both tumbling by 4%. European banking shares were the hardest hit, suffering losses of up to 10%.