World markets took a hit on Monday as Greece continued to hammer out a solution to its debt crisis.
The FTSE in London and Germany's DAX closed down 1.1 percent, while the CAC 40 in Paris fell 1.6 percent, according to CNN Money.
Greece and its private-sector creditors are in talks over $132 billion in debt write-downs on government bonds.
The Institute of International Finance, negotiating on behalf of private creditors, were said to be “close” to an agreement outlined by Luxembourg Prime Minister Jean-Claude Juncker.
The International Monetary Fund, European Central Bank and the European Union, known as the "troika," said they will not sign off on a second bailout until a deal is reached.
More from GlobalPost: Greece to top the agenda at European Union summit
Over the weekend, statements from Prime Minister Lucas Papademos suggested that Greek leaders had overcome some objections to new austerity measures mapped out in a comprehensive deal.
In Brussels, leaders at the European Union Summit were also awaiting an agreement, the New York Times reported.
“The troika is still in Greece, we haven’t got their report yet,” German Chancellor Angela Merkel told reporters. “So that’s why it’s not on the agenda."
Meanwhile, EU leaders agreed on a euro zone rescue package that tried to balance austerity measures with economic growth, Reuters reported.
25 out of 27 EU states backed a German-inspired pact for stricter budget discipline, only Britain and the Czech Republic refused to sign.
French President Nicolas Sarkozy said he expected a final agreement on reducing Greece's debt to private bondholders "in the next few days."
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Concerns over Europe's economic growth led to a second day of declines for oil futures, Bloomberg reported. Crude for March delivery fell 78 cents, or 0.8 percent, to settle at $98.78 a barrel on the New York Mercantile Exchange. Prices are down 5 cents this month.