Madrid's Ibex index fell 2.3 percent and Bankia dropped another 13.6 percent.
Other stocks that were making big moves:
— Interline Brands shot up 40 percent after the maintenance company said it is being acquired by a pair of private equity groups for about $811 million.
— Patriot Coal rose 6 percent after the company said its CEO is leaving the company. Last week Patriot announced that it is working with private equity firm The Blackstone Group after there were concerns that the mining company could run short on cash.
— ConocoPhillips rose over 2 percent after a Citi analyst said the company is likely to pay hefty dividends this year thanks to asset sales that generated higher returns than analysts expected.
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