European shares hit lowest level since February as Greece saps sentiment
* FTSEurofirst 300 down 0.7 pct
* Greek debt crisis hits banking sector
* Henkel misses out on hair-care acquisition
By Liisa Tuhkanen
LONDON, June 16 (Reuters) - European stocks fell for a third straight day on Tuesday as investors grew increasingly worried about lack of progress in negotiations between Greece and its creditors.
The pan-European FTSEurofirst 300 was down 0.7 percent at 1,509.17 points by 0802 GMT, following a 1.6 percent fall on Monday, its biggest loss since late May.
Earlier in the session, the index fell to 1,503.89, its lowest since February. It is still up more than 10 percent for the year.
Greece and its creditors hardened their stances on Monday after talks aimed at preventing a default and possible euro exit faltered. That prompted Germany's EU commissioner to say the time had come to prepare for a "state of emergency".
"In fact relations are now so bad it is hard to see how any agreement can possibly be reached at this late stage ... unless one or the other side changes its tune we're heading for a default, the only question is when," Michael Hewson, chief market analyst at CMC Markets, said in a note. Continuación...