By Marcus Leach

Fears that Greece may default have sent stock markets tumbling as the euro hit a ten year low against the yen.

All of the leading exchanges in Europe opened between 2% and 4% down, following on from earlier losses in Australia, Japan and Hong Kong.

The euro fell to 104.09 yen, its lowest since June 2001, having also fallen back against the dollar.

Growing speculation on Italy's debt crisis worsening, coupled with Greece facing an 'orderly default' have had a major impact on stock markets at a time when global economies are already fragile.

"We are watching Greece, and only Greece," Satoshi Tate, a currency dealer at Mizuho Corporate Bank, told The BBC

"Conditions are getting very serious and everyone is worried how the issue will unfold."

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