Asian markets retreat on eurozone woes

Japan's Nikkei 225 Average lost 105.83 points or 1.21% to 8,623.46 and Singapore's Straits Times Index was down 29.76 points or 1.05% to 2,793.99.

South Korea's Kospi Composite Index went down 22.61 points or 1.24% to 1,806.08 and Taiwan Weighted slipped 100.54 points or 1.38% to 7,174.35.

Former Greek Prime Minister Lucas Papademos says preparations for the country's exit from the euro zone are being considered, but will be very damaging. He says such a move is unlikely to materialize but the risk is real.