GREECE IS STILL CRASHING AND BRINGING DOWN THE EU, AND ASIA

Greece has said its budget deficit will be cut in 2011 and 2012 but will still miss targets set by the EU and IMF.

The 2011 deficit is projected to be 8.5% of GDP, down from 10.5% in 2010 but short of the 7.6% target.

The government, which on Sunday adopted its 2012 draft budget, blamed the shortfall on deepening recession.

The figures come as inspectors from the IMF, EU and European Central Bank are in Athens to decide whether Greece should get a key bail-out instalment.

Greece needs the 8bn euros (£6.9bn; $10.9bn) instalment to avoid going bankrupt next month.

And Asia is alreasy down 3%:

Stocks fell more than three per cent in early Monday trade on the Hang Seng, amid new fears over the eurozone debt crisis.

Greece which had said it would miss the deficit target set for it by the IMF and EU hit jittery traders sending the Hong Kong index down 533.02 points, or 3.03 percent, at the start of trading.

Australian stocks also opened lower at 1.8 percent over fears of the Greek debt issue while Tokyo stocks also headed south.

UPDATE: OZ SHARES PLUMMET.