Asian Markets in Panic Over Greek Worries; $35 Billion Wiped from Australian Stock Market

As North America goes to sleep and Asia awakens, markets are in panic on the other side of the world as Monday morning comes.
Japan’s Nikkei stock average briefly fell by more than 500 points in early trading, while the euro dropped more than 3% to 133.80 yen, its lowest level for five weeks. The common currency fell as much as 1.9% to $1.0955, its lowest level in almost a month.
More than $35bn was wiped off the Australian stock market in the first hour of trading on Monday as investors brace for what many believe to be an increasingly likely Greek exit from the eurozone.
Turmoil in Asia had been widely expected after the failure of 11th-hour talks in Europe over the weekend, as well as Greek prime minister Alexis Tsipras’ decision to close banks and put them under capital controls.
Greeks looks set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs. On Monday morning Greeks will find their savings blocked and their banks closed for a week following a weekend that has shaken Europe’s single currency. The Athens Stock Exchange will not open on Monday either.