EUROPEAN stocks started the day with losses of 4% or more as investors reflected on the weekend news from Greece: of the planned referendum, bank closures and capital controls. The sell-off reflected a sharp change in mood compared with Friday, when investors were expecting that Greece and its creditors would reach a deal. The Portuguese stockmarket was one of the worst affected, falling almost 6% at the open on fears that the economy would be dragged into the crisis (the Athens stock exchange is closed).
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