Greece crisis: markets begin to tumble as investors flee

Markets across Asia slide and $35bn is wiped from Australian stock market on what is expected to be a torrid day following the closure of Greek banks

Markets suffered across Asia on Monday as Greece shut down its banks for a week ahead of an increasingly likely debt default.

Oil prices declined and the euro edged down against the dollar, while Tokyo's Nikkei 225 index fell 2% to 20,283.98 points. The Shanghai Composite Index was off 0.4% at 4,178.56 despite China's surprise weekend interest rate cut.

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Related: Australian shares plunge as $35bn wiped off stock market over Greek crisis