Europe midday: Stocks decline as concerns on Greece mount

European stocks were in decline at noon on Monday, as renewed concerns over Greece's financial situation weighed on investors' minds.

Just after 12:00, Germany's DAX, which hit a record high of 1,2219.05 points last week, was down 1.09%, while France's CAC 40 lost 0.76% and the pan-European FTSEurofirst 300 shed 0.78%.

Investors will closely monitor the outcome of a meeting between Greek prime minister Alexis Tsipras and German chancellor Angela Merkel in Berlin, with the two expected to discuss the Greek debt crisis, and more importantly, try and rebuild the bruised and breaking relationship between the two countries.

Tsipras has already stated that Greece’s debt will be "impossible" to pay without help, meaning a positive outcome from the meeting is far from guaranteed.

"Tsipras and the rest of Athens remain firmly on their party line that Greece is in dire need of help, without actually providing any sign of the specific reforms the Eurogroup has asked for," said Spreadex financial analyst Connor Campbell.

"This provided a less-than-positive environment for the Eurozone indices."

In company news, Pirelli rose 1.84% after China National Chemical Corp agreed to buy the tyre maker for €7.1bn (£5.16bn)

Louis Vuitton owner LVMH dropped 2.5% and Christian Dior fell 2.91%, while carmakers Renault and Daimler were down by 1.20% and 2% respectively.

Deutsche Bank shares shed 0.78% after reports emerged suggesting the German bank's retail operations will bear the brunt of its planned restructuring and is likely to be spun off in a stock market listing.

After declining earlier in the day, the euro stage a solid recovery against the dollar, gaining 0.66% to $1.0897, while the price of Brent crude edged 0.036% higher to $55.34 a barrel.