The new Greek government has threatened a referendum or even a fresh election if its proposed reforms are thrown out by its Eurozone partners.

As such, Greece’s 10-year bond yields rose sharply by 48 basis points.

Yields across the Eurozone were higher as the European Central Bank began its €1 trillion bond-buying programme in a move to kick-start sluggish economies.

Markets responded negatively with the FTSE 100 plunging to its lowest close for three weeks, down 0.51% at 6,876.47.

Weir Group again topped the risers, up 4.08% at 1,887p as speculation persisted that a bidder may be ready to pounce.