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Greece debt: FTSE 100 slides as worries over Greece persist Greece debt: FTSE 100 slides as worries over Greece persist
(about 2 hours later)
(Open): Shares in London and across Europe have continued to fall with Greece expected to default on a payment to the International Monetary Fund. (Noon): Shares in London and across Europe have continued to fall, with Greece expected to fail to make a payment to the IMF.
Greece's bailout deal ends on Tuesday, as it faces a deadline to repay a €1.6bn (£1.1bn) loan to the IMF.Greece's bailout deal ends on Tuesday, as it faces a deadline to repay a €1.6bn (£1.1bn) loan to the IMF.
After falling nearly 2% on Monday, the FTSE 100 opened down a further 48.12 points, or 0.7%, at 6,572.36. The FTSE 100 was down 40.75 points, or 0.6%, at 6,579.73.
In Germany, the Dax index was down 0.86% in early trade, while in France the Cac 40 index dropped 1%. Shares had rallied on reports of talks taking place over whether Greece could accept an offer by creditors allowing it to repay part of its debt.
EU leaders have warned that a rejection of the creditors' proposals in referendum on Sunday would mean Greece leaving the eurozone - though Greek Prime Minister Alexis Tsipras says he does not want this to happen. Greek media said one of Greece's creditors made a last-minute proposal of reforms on Monday.
Talks between Greece and its creditors broke down last week, leading to Greek banks having to shut this week. The news briefly pushed the German and French stock markets into positive territory. However, the rally was short-lived.
During lunchtime trade, Germany's Dax index was down 0.4%, while in France the Cac 40 index was 0.3% lower.
On the currency markets, the euro fell 0.6% against the dollar to $1.1173. The euro had fallen to a four-week low of $1.0955 on Monday before recovering to above the $1.12 mark.On the currency markets, the euro fell 0.6% against the dollar to $1.1173. The euro had fallen to a four-week low of $1.0955 on Monday before recovering to above the $1.12 mark.
The pound rose 0.4% against the euro to €1.4050 but fell 0.1% against the dollar to $1.5719. The pound rose 0.45% against the euro to €1.4055 but fell 0.2% against the dollar to $1.5711.
Among individual shares on the London market, Ocado fell nearly 5% following the online grocer's latest results. Supermarket shares
Among individual shares on the London market, the supermarket sector came under focus following the latest survey of the sector.
Shares in Tesco fell 2.5% while Sainsbury's dropped 2.3% after the latest Kantar Worldpanel survey found both had seen sales fall 1.3% in the 12 weeks to 21 June.
Shares in Ocado were down 0.8% following the online grocer's latest results.
Ocado reported pre-tax profits of £7.2m for the half-year to 17 May, down slightly from £7.5m a year earlier, with gross sales up 15.7% to £511.9m.Ocado reported pre-tax profits of £7.2m for the half-year to 17 May, down slightly from £7.5m a year earlier, with gross sales up 15.7% to £511.9m.
The company also said it hoped to sign a deal to sell its technology to overseas retailers by the end of the year.The company also said it hoped to sign a deal to sell its technology to overseas retailers by the end of the year.