NEW YORK ( TheStreet) --  Greece's Finance Minister Yanis Varoufakis resigned after Greeks voted "no" in a weekend referendum on whether to accept the conditions of a bailout offer that expired at the end of June. In Germany, calls mount for Greece to exit the eurozone. France and Germany called an emergency meeting of eurozone leaders for Tuesday. European stocks opened sharply lower as investors switched to "risk-off" mode.

  • Shares in mainland China are off by more than 25% from their peak at the top of the bull market and remain volatile, as selling continued despite authorities' attempts to keep the rally going. On Saturday, the Chinese authorities suspended initial public offerings and established a market-stabilization fund to spur stock purchases. The Chinese central bank also pledged to provide funding to support brokerages' margin finance operations that allow investors to borrow cash to buy stocks. On Monday, after an early surge stocks soon flagged and the CSI300 index of the largest listed companies in Shanghai and Shenzhen was up just 0.5%, according to Reuters. The Shanghai Composite Index was flat, having been up over 7% at one stage.
  • Rolls Royce's (RYCEY) shares fell by 8% in London after it issued its third profit warning in a little more than a year and halted its share buyback program. It said weak oil prices hit its marine division and said demand for some of its older aircraft engines was slackening.
  • Banks in the U.K. have called on the government to phase out a bank levy introduced in 2011 to stop banks from lending recklessly, arguing that it damages the financial sector's competitiveness. Chancellor George Osborne increased the levy in March to 0.21% of a bank's assets from 0.16% previously. That lifted the amount the government aims to raise from the tax to 3.4 billion pounds ($5.3 billion) a year from 2.5 billion.
  • The Bank of Japan maintained its upbeat outlook on the economy, saying regional sectors are recovering thanks to a pick-up in output and tightening job market. "Japan's economy will continue to recover moderately," BOJ Governor Haruhiko Kuroda said in a speech to a quarterly meeting of the bank's regional branch managers.