With US and European markets finally falling on European problems,Asian ones are still not taking into account the major disruptions to be caused by the falling Euro and European demand. Its just not Greece rather the whole indebted Southern Europe that is ordained to spend in the next few years in a low to negative growth state
CDS climbs for Greece,Portugal,Ireland ,  Italy and Spain
Stocks Fall, Asia Default Swaps Climb on Greece, Portugal Debt – Bloomberg

Signs of Contagion’

“With sovereign problems showing signs of contagion, the euro is losing its allure as an alternative currency to the dollar,” said Akio Yoshino, chief economist in Tokyo at Societe Generale Asset Management (Japan) Inc. “The currency may test the $1.30 mark sooner rather than later.”

Yields on 10-year Portuguese bonds jumped 48 basis points to 5.69 percent and Irish 10-year yields surged 19 basis points to 5.10 percent. Japan’s bonds advanced, pushing 10-year yields to the lowest level in four months. The yield fell 2.5 basis points to 1.28 percent.

S&P lowered Greece’s credit rating to BB+ from BBB+ and warned that bondholders could recover as little as 30 percent of their initial investment if the country restructures its debt. The downgrade marked the first time a euro member has lost its investment grade rating since the currency’s 1999 debut. S&P also reduced Portugal by two steps to A- from A+.