European Banks Erase $67 Billion as Greece Edges Toward Exit
Greeks Rush to ATMs as Euros Run Dry
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European banks slumped the most since 2011, erasing almost 60 billion euros ($67 billion) in market value, after Greece imposed capital controls and shut lenders.
The Stoxx 600 Banks Index fell as much as 4.4 percent, the biggest decline since November 2011. The gauge closed down 4 percent, eliminating most of last week’s rally. Lenders in Italy, Portugal and Spain were among the biggest decliners, led by Banco Comercial Portugues, which tumbled 11 percent.