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The VSTOXX index that monitors volatility in European stocks, hit 35 on Monday morning, the highest since the 2012 euro crisis woes.

The three indexes closed lower three days in a row as investors wrestled with uncertainty over increased signs of a slowdown in China’s economy and the timing of a long-expected interest rate hike by the Federal Reserve.

The vote’s result also seemed to dispel any speculation that Chancellor Angela Merkel would have difficulty getting her conservative bloc to sign on.

The last market correction was four years ago.

Tsipras submitted his resignation after facing the largest rebellion yet within his own Syriza party when a third of his legislators voted against or abstained from voting on austerity bailout measures required to reach a deal with European creditors.

European markets continued to fall during the trading session as fears of currency wars ignited a fresh bout of selling across global markets.

As Prime Minister Alexis Tsipras announced his resignation late last week, he scheduled elections for September 20.

Shanghai: Shanghai stocks tumbled 6.41 per cent in early trading on Tuesday, extending the worst plunge for eight years after worries China’s faltering economy could hurt global growth sent world markets nosediving.

The Shanghai Composite Index was down 4.3 percent at 3,071.06 at midday Tuesday after falling 6.4 percent in the first minutes of trading.

The bailout was in “the interests of Greece and Europe”, Schaeuble told the Bundestag.

According to a statement released by the European Commission (EC) immediately after the meeting, the new billion-dollar loans will be made available over the next three years to Greece by the ESM.

The benchmark S&P index has accumulated 9.95 percent of losses in just five sessions.

“If we don’t find a solution, we will have to do bridge financing”, he said, referring to a short-term loan so Greece can make its next debt payment on August 20.

His U-turn in accepting the demands by the country’s creditors led to outrage among hardliners in his Syriza party, with dozens voting against him during the bailout’s ratification in parliament last week.

Many traders had hoped Beijing would take support measures, such as an interest rate cut, over the weekend after China’s main stocks markets slumped 11 percent last week.