European equities closed sharply lower on Monday as fears rose that Greece could be the first country to exit the euro zone, after instigating capital controls.
Greece's main stock exchange was closed on Monday and will not reopen until July 6, with banks across the country also shut.
This came after Athens imposed capital controls over the weekend to prevent a run on the country's banks. It also said it would hold a referendum this Sunday on the bailout terms proposed by its international creditors.
A vote rejecting the bailout, which is conditional on further austerity measures, could lead to Greece's exit from the euro zone, setting a dangerous dangerous precedent for the single currency area.