European shares suffered a staggering fall on the opening bell on Monday, after a new phase of the eurozone crisis emerged as Greece closed its banks and imposed capital controls.
Portugal's PSI-20 benchmark share index dropped 5 percent, worse than a 3 percent drop in the pan-European, blue-chip FTSEurofirst 300index.
Germany's DAX and France's CAC both declined by around 4 percent, while the euro zone's blue-chip Euro STOXX 50 index also sank by a similar amount - marking the euro. This was the worst one day percentage fall since late 2011.
The euro currency also drew back to 1.9 percent to $1.0955, the lowest in almost a month.
When bailout talks between Greece and its international lenders failed to make progress over the weekend, the European Central Bank (ECB) froze essential funding needed to keep the Greek banks afloat.
In response, the Greek stock exchange and banks will remain shut down till next Monday, July 6 and ATM withdrawals will be limited to 60 euros a day till Tuesday, with an effort to bolster Greek credit controls after international creditors refused to extend the country’s bailout.