UK shares have fallen sharply, with the FTSE 100 index down by more than 5%, after another weekend of extraordinary events in the banking sector. By the end of the morning, the FTSE 100 index was down 5.4%, or 268.5 points, at 4,711.8.
The falls follow a series of events over the weekend:
- Germany's government salvaged a 50bn euro package for Hypo.
- Denmark and Sweden increased the amount of protection to depositors.
- Iceland said its banks had agreed to sell some of their assets and was trying to persuade trade-unions to repatriate some of their funds.
- The individual actions came after EU leaders decided at a summit on Saturday not to attempt a pan-European solution.
- France's BNP Paribas said it would take a 75% stake in Fortis.
Via BBC News - Business
No comments:
Post a Comment