European shares retreat on weaker Greek banks and Tullow oil

lunes 2 de marzo de 2015 11:27 GYT

* FTSEurofirst 300 down 0.4 pct after touching seven-year high

* Greek banks fall sharply on debt repayment concerns

* Tullow down on project delay and FTSE demotion worries

By Atul Prakash

LONDON, March 2 (Reuters) - European shares retreated from multi-year highs on Monday, with Greek banks slipping on lingering concerns about the country's debt and Tullow Oil falling on worries about project delays and its likely ejection from a major share index.

The Greek banking index fell 9.4 percent, while lenders National Bank of Greece, Piraeus Bank and Alpha Bank fell 8.9 to 11.4 percent to feature among the top decliners.

"The fears about a possible default for Greece are certainly not completely off the table," Gerhard Schwarz, head of equity strategy at Baader Bank in Munich, said.

"The market is clearly overbought and we see a pull-back to digest the overheating we had over the last couple of weeks. We will probably just have a breather as the prerequisites of a sharper sell-off are not in place given that continued improvement in the economy and a very good liquidity situation."

Greece called into question on Saturday a debt payment it must make to the European Central Bank this summer after acknowledging that it faces problems in meeting its obligations. German Chancellor Angela Merkel said on Monday Greece needs to give more details on the reforms it promised in return for the extension of its aid programme.   Continuación...