Asian and European stock markets fell sharply Monday because of new fears that Greece might soon default on its bailout loans from last year.Hong Kong's Hang Seng exchange dropped more than 4 percent, and the London, Paris and Frankfurt markets all plunged. Investors moved to sell stocks after the Athens government said Sunday it would not meet its deficit targets either this year or next, and the country's economy would continue to shrink in 2012.
Top financial officials from the 17 European nations that use the euro met in Luxembourg Monday to discuss Greece. But they were not immediately expected to decide whether to give the country a new $11 billion segment from its 2010 bailout so it has enough money to avoid a default later this month.