Swiss stocks plunge 3.5pc, banks lead fall

ZURICH: Swiss stocks plunged 3.5 percent in early afternoon trade, with financials leading the fall on fears of the eurozone's future after Greece announced that it would hold a referendum on its debt rescue plan.

Credit Suisse stocks sank 9.69 percent, UBS slid 5.62 percent and Julius Baer was down 5.25 percent. Reinsurer Swiss Re was also hit, dropping 6.10 percent while insurer Zurich Financial fell 6.23 percent.