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European Stocks Decline on Deadlock in Greece, Merkel’s Setback

European stocks retreated, snapping two days of gains, as Greece moved closer to a possible exit from the euro currency union and German Chancellor Angela Merkel’s party lost a state election.

Banks paced losses, with HSBC Holdings Plc dropping 1.5 percent. Infineon Technologies AG, Europe’s second-largest semiconductor maker, retreated after Chief Executive Officer Peter Bauer decided to step down. ING Groep NV tumbled 6 percent as European Union regulators will reexamine its rescue by the Dutch government.