FTSE slides through 5,500 barrier

The FTSE 100 sunk through the 5,500 level today as political woe in the eurozone continues to cloud the outlook for the global economy.

London's blue chip index shed 1.29%, or 71.82 points, to trade around 5,482.73 while European shares hit a four-month low with government cash calls on Spanish banks and political stalemate in Greece weighing on markets. Spanish banks were among the top fallers after the government demanded they raise a further €35bn in provisions against loans that are currently sound in their property portfolios, according to Reuters, piling further pressure on banks as they battle to find extra capital. Spain's IBEX 35 benchmark tumbled 3%, EURO STOXX 50 was down 0.85% and the French CAC declined b...