Greek exit and recession fears spark market rout

(Updated: 9.15) Asian indices fell overnight, mirroring losses in the US and Europe, over fears about the impact a Greek exit from the single currency could have on the rest of the region.

Experts say the possibility of Greece's exit from the eurozone is likely if it cannot meet its debt obligations. The nation's leaders are set to meet again on Tuesday to discuss the possibility of forming a coalition government. Meanwhile, a report out on Tuesday is expected to show the region as a whole has returned to recession. In addition, Moody's Investor Services said it had cut the long-term debt and deposit ratings for 26 Italian banks. In Asia, the Nikkei and Topix indices fell by 0.8% and 1.2% respectively. It followed heavy losses across Europe on Monday, with London'...