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FTSE falls amid Greece debt fears

The FTSE 100 Index plummeted this morning as Greece's debt talks entered uncharted waters that moved its exit from the euro a step closer.

The London's top flight equity market fell almost 2%, or 124.7 points to 6626.3, after Greece closed its banks for the week as it prepared for referendum on the latest bailout deal put forward by its creditors.

In Europe major markets also fell, with France's Cac40 and Germany's Dax both more than 3% down in early trading.

The pound is one cent up against the euro at just under 1.42.

IG senior market analyst Chris Beauchamp said: "Greece's decision to shut banks over the weekend is just the most dramatic element of a crisis that has spiralled out of control."

Athens is due to make a 1.6 billion euro (£1.1 billion) payment to the International Monetary Fund (IMF) on Tuesday - the same day that its current bailout expires.

Over the weekend eurozone finance ministers refused to extend Greece's existing bailout beyond Tuesday. The European Central Bank (ECB) added it would not increase its emergency assistance to Greek banks.

Greek prime minister Alexis Tsipras called the bailout terms put forward by its three creditors - the IMF, the ECB and European Commission - as "not viable" as a long-term solution for his country.

His Government will recommend that the Greek people vote No in the referendum to be held on Sunday July 5.

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