Asian markets drop on Greek worries

Asian stock markets fell sharply this morning as fears Greece's debt crisis will spread to other European countries and undermine the global recovery continued to rattle investors.

Japan's Nikkei 225 stock average plunged 3.2 percent to 10,709.15 as investors returned after the "Golden Week" holidays. Japanese markets were closed Monday through Wednesday.

South Korea's Kospi shed 33.54, or 2 percent, to 1,685.61, Hong Kong's Hang Seng was off 348.25, or 3.2 percent, at 20,251.05 and Australia's benchmark lost 1.7 percent to 4,593.1 in a region-wide rout. Benchmarks in Singapore, Taiwan and mainland China also retreated.

Overnight on Wall Street, the Dow Jones industrials fell 0.6 percent to 10,866.83 as investors questioned whether a $144 billion aid package for Greece would be adequate to keep debt problems in Europe from spreading.

European Union officials tried to calm fears that Greece's crisis is spreading, insisting the debt-ridden country is a unique case combining profligacy and tampered accounts.

A drop in the euro and a rise in the dollar also battered markets around the world.

Oil prices were up slightly after tumbling the day before. Benchmark crude for June delivery rose 15 cents to $80.12 in electronic trading on the New York Mercantile Exchange. The contract lost $2.77 to settle at $79.97 a barrel on Wednesday.