June 16, 2015 11:31 AM

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Asia shares slip on Greek default fears

Asian stocks slipped today as financial markets braced for the possibility of Greece defaulting on its debt. A two-day policy meeting of the U.S. Federal Reserve's monetary committee starting later in the day also prompted caution in the stock markets.Global equity markets have felt a pinch after talks between cash-strapped Athens and its creditors broke down over the weekend. Greece only having two weeks before it has to repay 1.8 billion US Dollars to the International Monetary Fund. Sentiment soured further as both sides hardened their stance.MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent. Shanghai lost 2.6 percent and South Korea's Kospi fell 1.4 percent. Japan's Nikkei dropped 0.6 percent, with external factors overcoming bullish domestic incentives.

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