Led by lower bank stocks, the exchange shed 3.44 percent by mid-morning, with the biggest hits taken by Unicredit and Intesa, Ansa reported. Trading in both had to be suspended at certain points due to excessive volatility.
Meanwhile, Italy and Spain's borrowing costs on international bond markets soared at the start of trading on Monday because of the crisis.
The yield on the benchmark ten-year bonds for Italy rose to 2.598 percent, compared with 2.110 percent at close on Friday, while Spain's rose to 2.720 percent, compared with 2.150 percent at close on Friday.
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