Due to the worries surrounding debt and quarterly savings in European nations, European shares dropped to a three-week low on Monday morning. The concerns also come from a 10-day low of the Euro against the Dollar, and the fact that the debt crisis in Europe is still a big issue.

Financial stocks were the hardest hit by the drop, causing the European banking index to go down 1.6% and the Thomson Reuters Peripheral Banking index to drop by 3%.

One of the biggest financial worries facing the region is Greece, a country that has been asked to restructure its debt, even though the finance minister of the country had denied this. Koen De Leus, a financial strategist at KBC Securities in Brussels said, “Company results haven’t been that great, and there are concerns that margins for a lot of companies are not going to rise… The debt crisis is far from over. The big worry is Greece, and there is some realization that the country could default”.

According to a fund manager in London, the European market will more than likely see a late surge due to how well the US economy is continuing to grow.