Greek shares fall to 12 year low

Greek shares <.ATG> fell 3.6 percent on Monday, tracking weakness in European bourses, with the benchmark share index reaching its lowest level since March 1998, led lower by banks.

At 08:09 GMT, the Athens bourse's benchmark index was down 3.61 percent to 1,431.47 points with banks <.FTATBNK> shedding 3.82 percent.

Shares of National Bank <NBGr.AT>, the country's largest lender, were losing 2.57 percent to 9.49 euros, with Alpha Bank <ACBr.AT> down 3.56 percent to 4.34 euros.

"The slide in Greece's stock market reflects overall nervousness in Europe. The market is seen as a weak link, especially when it comes to macroeconomic concerns," said analyst Nick Galousis at Kappa Securities.

European shares fell sharply on Monday on worries over euro zone debt problems after Hungary said its debt problems were similar to Greece on Friday, with banks the major losers.

By 0705 GMT, the pan-European FTSEurofirst 300 <.FTEU3> index of top shares was down 1.2 percent at 986.17 points. (Reporting by George Georgiopoulos)