Fresh concerns over Greece’s finances have led to a global bout of contagion on world stock markets.
It is the first significant slide this year after the latest failure of rescue talks between Athens and its creditors.
Many analysts say they are tired of playing the waiting game.
Robert Halver from Germany’s Baader bank said: “Either a Grexit or staying in, either way we need a decision. The uncertainty is wearing us all down. But of course we know that if the Greeks do stay in, that will only a pyrrhic victory. In the long term it will achieve nothing. Give the Greeks a chance – let them leave.”
In early trading, Germany’s DAX fell one percent along with the pan-European FTSEurofirst300 stock index.
Banks led the losses across Europe with firms in Spain, Italy and Portugal among the big losers.