Euro plumbs 10-year depths against the yen

The euro and global stocks come under renewed pressure as fears circulate about a possible default by Greece.

The euro reached a 10-year low against the yen today as concerns mounted about a possible default by Greece.

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The currency hit 104.27 yen this morning, its lowest level since June 2001.

Global financial markets also fell, with European stocks following declines falls in Asian markets. Japan's Nikkei 225 ended 2.3 per cent down, its lowest close since April 2009. The Hong Kong market dropped 4 per cent.

London's FTSE was 2.5 per cent down in morning trading, with Germany's Dax 3.5 per cent lower.

The sell off came as concerns deepened that Greece faced a possible default on its debt. Germany's economy minister Philipp Roesler wrote in a column published on Monday that Europe could no longer rule out an “orderly default” for Greece.

German magazine Der Spiegel magazine reported on Saturday that the German government was preparing two contingency plans in the event of a Greek default.