U.K. Stocks Fall to Five-Month Low as Greece Heads for Default

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U.K. stocks fell to their lowest level since January amid growing concern that Greece will default and be forced out of the euro area.

The FTSE 100 Index slid 2 percent to 6,620.48 at the close of trading in London, following European markets lower after Greece called a referendum on creditor demands, closed its banks and imposed capital controls. The FTSE All-Share Index retreated 1.8 percent, while Ireland’s ISEQ Index slipped 2.5 percent.

The FTSE 100 fell on Friday, trimming a weekly gain to 0.6 percent as investors speculated on the outcome of Greek debt talks. It is heading for its biggest monthly drop in two years.

HSBC Holdings Plc and Barclays Plc lost at least 2.2 percent on Monday. TUI AG slid 7.1 percent after two units said over the weekend that some customers were victims of a terror attack in Tunisia. Royal Dutch Shell Plc and BP Plc slipped at least 2.3 percent as oil declined for a fourth day.

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