NEW YORK (TheStreet) -- Shares of Banco Santander (SAN) - Get Report are down by 5.18% to $7.14 in mid-morning trading on Monday, as European banks are tumbling in the aftermath of the latest meeting between debt strapped Greece and its creditors.

Banco Santander is a Spain-based banking company with operations including retail banking, global wholesale banking, investment banking and markets.

On Saturday, Greece's Prime Minister Alexis Tsipras halted talks with creditors when he announced he is calling for a referendum on July 5 in order to determine if the government should accept the terms offered by its creditors, The New York Times reports.

Banks and bond market borrowing costs for Italy, Spain and Portugal were hit hard by the fear caused by Tsipras' referendum, Reuters reports.

Greece's banks and stock market will be closed starting today through July 6.

Greece has about $1.8 billion it must pay to the International Monetary Fund on Tuesday, but the growing concern is that the country will not be able to make that payment.

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