FTSE hits seven-month low as Germany approves euro rescue

After a fiery debate in which German Chancellor Angela Merkel was attacked for her indecision, the bill was passed today by 390 votes to 72. It paves the way for Europe to go ahead with its bailout of debt-ridden Greece. The German contribution is key to the plan, and would amount to up to €148bn. Shortly after 2pm, London's leading index was down 95 points, or 1.88%, to 4,977.02. Earlier, the FTSE briefly touched a seven-month low of 4,957 points, a drop of 116 points or over 2.2%. Oil and bank stocks were hit hard as investor concern grew that eurozone debt and financial regul...