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Ben Critchley, sales trader at IG Index, told Reuters that the slump was caused in part by the decline of three major sectors - banks, energy and miners - which collectively led to a 70 point decline.
However, it was the fear of a Greek default that was identified as one of the primary causes of the cautious stock market investment climate.
"It's certainly been a tough start to the new trading week with markets selling off hard across the board, amidst these resurgent fears that the Greek default could now be imminent," Mr Critchley stated.
Yesterday, Asian stocks were also adversely impacted by the crisis in Greece, with Australia's S&P ASX 200 losing 1.3 per cent and South Korea's Kospi Composite declining by 0.5 per cent.
Posted by Greg Secker
