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The referendum in Greece to decide on whether or not to accept the latest bailout plan threw markets into a state of uncertainty, reports Bloomberg.
Speaking to the news provider, market strategist at CMC Markets in London Michael Hewson said: "[George] Papandreou made matters a whole lot more uncertain by announcing that he would be putting the new bailout plan to a referendum of the Greek people."
Banks suffered particularly heavy losses on the FTSE 100, with Barclays and Royal Bank of Scotland registering drops of around eight per cent.
Last week, EU leaders agreed to expand their rescue fund for struggling countries in the eurozone to €1 trillion (£870 billion).
Over the year-to-date the FTSE 100 index peaked on February 8th, reaching 6091 points.
Posted by Greg Secker
