European Stocks Sink as Greece Calls Referendum; Banks Tumble

European stocks sank the most in five weeks, as Greece’s government called a referendum on its latest bailout package, spurring concern that the country may default.

Credit Suisse Group AG and Danske Bank A/S led a selloff in lenders, both sliding more than 6.5 percent, after posting earnings that fell short of analysts’ estimates. National Bank of Greece SA sank 15 percent to its lowest price since 1992 in Athens. Mining companies tumbled after a gauge of Chinese manufacturing dropped to the lowest level since February 2009.