The value of UK firms plummeted more than £30 billion on Monday as world markets reacted to Greece potentially leaving the euro currency.
London’s FTSE 100 index fell by 130.64 points to 6417.16, wiping out around £33.2 billion from the UK’s leading blue chip firms.
Value was also obliterated from other stock exchanges in European cities due to uncertainty over the future of the eurozone, including speculation that the European Central Bank (ECB) is planning another round of quantitative easing (QE) to stabilize the currency.
The euro has fallen to a nine-year low since the beginning of 2015, as recessions continue to hit the weakest countries in Europe, notably France, Portugal and Spain. According to the latest figures, the euro is now worth around $1.186 US dollars.