European shares hit lowest level since February

(MENAFN- Saudi Press Agency) European stocks fell for a third straight day on Tuesday as investors grew increasingly worried about lack of progress in negotiations between Greece and its creditors, Reuters reported.

The pan-European FTSEurofirst 300 was down 0.7 percent at 1,509.17 points by 0802 GMT, following a 1.6 percent fall on Monday, its biggest loss since late May.

Earlier in the session, the index fell to 1,503.89, its lowest since February. It is still up more than 10 percent for the year.

Greece and its creditors hardened their stances on Monday after talks aimed at preventing a default and possible euro exit faltered. That prompted Germany's EU commissioner to say the time had come to prepare for a 'state of emergency'.

Greece's Athex share index was down only 0.6 percent, a mild move by the volatile standards of the index, although one which took its drop since Friday to more than 10 percent. Greek banks were still some of the biggest decliners on the market.