From the Sydney Morning Herald:Australian stocks were pummelled today, closing at their lowest in more than nine months as investors fled the market on growing worries about Greece's debt crisis.
The benchmark S&P/ASX200 Index slid 87.6 points, or 1.9 per cent, to 4479.2, while the broader All Ordinaries Index fell 88.7 points, or 1.9 per cent, to 4546.7.
Today's drop lopped more than $25 billion from the overall market's value. The ASX200 has lost about 4.9 per cent this month so far, placing it on course for the worst monthly drop since May last year when concern about Europe's sovereign debt crisis last flared.
The ASX200 has also fallen 9.9 per cent from its April high of 4970 points and is now teetering on the verge of a technical correction, which is generally defined as a drop of 10 per cent. Markets in the region, including Hong Kong's main index, passed that 10 per cent slide today.
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