Back-to-work blues took on a meaning of their own on Monday, as investment bankers returned to their desks to see markets tumbling.

Political uncertainty in Greece pulled the euro to a nine-year low against the dollar, while oil prices continued to slump. Just three trading days into the year, the Stoxx Europe 600 had fallen more than 2.8% since the start of the month, while Germany's DAX, France's CAC and London's FTSE shed 3.2%, 4.1% and 2.6%, respectively. The Chicago Board Options Exchange Volatility Index rose to around 21, from just 11.5 a month before. IPOs are considered more difficult to complete when the index stands above 20.