European stocks declined, snapping the biggest three-day rally in 16 months, amid concern that holders of Greek bonds will suffer larger losses than previously agreed upon.

FTSE 100 5,218  -76.42 -1.44%, CAC 40 2,996 -27.76 -0.92%, DAX 5,578   -50.02 -0.89% 

Man Group Plc (EMG) sank the most in almost three years as the world’s biggest hedge fund said assets under management will decrease. Cairn Energy Plc (CNE) slid 6.5 percent after abandoning an exploration well. Deutsche Boerse AG (DB1), the operator of the Frankfurt stock exchange, lost 4 percent as the European Union proposed a financial-transactions tax.