FTSE tumbles as Greece rescue postponed

UK FTSE index opened lower on Friday and extend losses during session after European officials said Euro area countries will not deliver EUR 130 billion rescue funding until Greece will not implement its austerity plan. National Grid Plc dropped 1.4% after JPMorgan Chase & Co. revised down its recommendation on the shares. The main gainer was Barclays Plc, which surged 2.5% after rising its dividend and citing an improvement in market conditions for this year. At the moment of writing FTSE 100 is 0.88% or 52.11 points down at 5,843.66.