U.S. and European stock prices plunged on Monday despite an agreement by euro zone finance ministers to bail out Spanish banks.

Leading stock prices in New York declined more than one percent while most European stock prices fell on Monday, including shares in Spain which at one time surged more than five percent.

News of the bailout plan initially drove up prices in stock markets, but they eventually came down amid mounting skepticism that the 100 billion euros that will be provided to rescue Spanish banks would fall short of dispelling concerns over Spain facing a financial crisis.

News that the European Union is devising emergency measures to be prepared for Greece’s possible exit from the euro zone as Greece is set to hold general elections this weekend also led to a contraction in investor sentiment.