The tense standoff between Greece and its international creditors kept European markets under pressure Monday, pulling stocks sharply lower.
The moves came after Prime Minister Alexis Tsipras at the weekend reiterated that he would refuse to accept an extension of Greece's current bailout package, but instead seek a bridge loan. Mr. Tsipras's stance has reawakened fears among some investors that Greece could exit the eurozone.
The Stoxx Europe 600 index was 1.2% lower in early trade.
Greece's battered stock market extended its declines, falling 4.3%. Greek banks were once again the worst performers on the pan-European Stoxx 600, with Piraeus Bank and Alpha Bank both down by roughly 10%.
Greek government bonds, which have been subject to wild swings in recent days, began to weaken once more. Greece's 10-year yield climbed by over half a percentage point to 10.65%. Shorter-term yields rose more sharply, a sign that investors are worried about default. Yields rise as prices fall.
While many investors still expect Athens to reach a compromise with its lenders, the prospect of Greece leaving the eurozone remains a serious concern for investors.
"The ensuing uncertainty could easily derail a brittle eurozone recovery. Few things are certain except one: 'Grexit' remains by a considerable margin the worst-case scenario for Greece and for the rest of the eurozone," said analysts at UBS in a note to clients.
The intensifying fears over Greece arrived against an already drab backdrop for market bulls. Chinese shares fell on Monday after data showed a surprise drop in China's exports in January. And in the U.S., stocks fell on Friday after a blockbuster jobs report fueled concerns that the Federal Reserve might raise interest rates sooner than expected.
The better-than-expected jobs data had boosted the dollar, but it gave back some of those gains on Monday.
The euro was 0.3% higher against the buck at $1.1353.
In commodities markets, Brent crude oil was down 0.5% at $57.54 a barrel. Gold rose 0.4% to $1,239.40 an ounce.
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