U.S. and European stock markets dropped sharply Monday on fears of a Greek debt default.

U.S. stocks opened lowered, with the Dow Jones Industrial Average, the S&P 500 and the NASDAQ all down about 2 percent.

In afternoon trading in Europe, London’s Financial Times 100 index is down 2.1 percent. The CAC-40 in Paris is off 3.2 percent, while the DAX in Frankfurt is down 3.3 percent.

In Asia, Japanese markets were closed Monday for a national holiday .

Hong Kong’s Hang Seng index fell 2.8 percent , to end at 18,918.

Gold is trading down $6.42 at $1,804.96 an ounce.

The U.S. dollar was lower against the yen, but up against the euro.