The FTSE 100 has recorded further falls on Friday as concerns continued over Greece and the Spanish banking industry.
At 14.12, the FTSE 100 was down 0.7 per cent to stand at 5300.71. The German Dax and the French Cac 40 are both up by 0.1 per cent.
European banks took a major hit yesterday after ratings agency Moody’s cut the credit ratings of 16 Spanish banks. It also cut the debt rating on Santander UK, a subsidiary of the Spanish banking giant.
The early falls in Europe follow on from heavy losses in Asia, where the Nikkei 225 in Japan ended the day down 3 per cent. In the US, the Dow Jones was down 1.2 per cent at its close on Thursday.
Markets have fallen sharply throughout the week on the back of Greek political concerns as fears remain the country may be forced to leave the euro due to economic concerns.