Stocks in Hong Kong fell more than three percent during early trading on Monday. Australian shares opened nearly two percent lower.

In Tokyo, Japan’s Nikkei 225 fell 2.3 percent to 8,503.88 in early trading.

Markets in China and South Korea were closed due to national holidays.

The losses came after Greece said it would miss its deficit targets and that its attempts at austerity were not yielding expected outcomes.

The Greek government had announced that its budget deficit would be cut in 2011 and 2012 but a deeper-than-expected recession prevented the country from meeting the deficit target of 7.8 percent for this year.

The deficit of the eurozone country for 2011-2012 is expected to reach18.69 billion euros (USD 25.2 billion) or 8.5 percent of Greece’s gross domestic product.

Inspectors from the International Monetary Fund and European Central Bank are in Athens to decide whether Greece should get a key bailout installment of 8 billion euros to avoid going bankrupt next month.

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