Major European shares dropped in early trading, with Britain’s FTSE 100 falling by 0.6 percent to 5,495.49, Germany’s DAX down by 1.6 percent to 5,868.73, and France’s CAC-40 by 1.6 percent to close at 3,072.54, The Economic Times reported.

The US Dow Jones also witnessed a one percent fall to 11,827, Standard & Poor’s 500 slumped by 1.2 percent to 1,236.60, while Nasdaq shed 0.4 percent to 2,686.15.

Meanwhile, Asian shares have also saw declines in early trading. Japan’s Nikkei 225 index dropped 0.4 percent to 8,767.09, while South Korea’s Kospi lost 0.5 percent to 1,919.10, and Australia’s S&P/ASX 200 dropped by 0.2 percent at 4,273.40.

Hong Kong’s Hang Seng dropped by 0.8 percent to 19,877.89, while Mainland China’s benchmark Shanghai Composite Index lost 0.7 percent to 2,509.80, and the Shenzhen Composite Index fell by 0.6 percent to 1,065.31.

The uncertainty surrounding the Greek debt crisis has had an impact on Global stock markets.

Over the weekend, Greek Prime Minister George Papandreou and the leader of the main opposition party, Antonis Samaras, reached an initial agreement to form a coalition government, aimed at resolving the European country’s debt crisis.

Stocks began to slump early last week when Papandreou shocked investors by announcing his plans to hold a referendum on the nation’s austerity plan and whether Greece should remain in the eurozone. Mounting pressure caused him to abandon the referendum.

Since last year, the EU and the International Monetary Fund have provided Greece with two rescue packages worth over USD380 billion (EUR283 billion) in return for tough austerity measures adopted by Athens.

Eurozone leaders are worried that failure to solve the Greek debt crisis will raise the risk of serious financial instability spreading to other vulnerable economies, particularly Italy.

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