The Australian share market fell more than one per cent as investors nervously await for a vote by the Greek Parliament on measures to reduce that country's high debt. The benchmark S&P/ASX200 index was down 46.3 points, or 1.03 per cent, at 4,461.8 points, while the broader All Ordinaries index had fallen 51.2 points, or 1.12 per cent, to 4,513.8 points. On the ASX 24, the September share price index futures contract was 55 points weaker at 4,442, with 26,827 contracts traded.

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On Wall Street on Friday, stocks fell as investors were transfixed by the high-stakes drama surrounding the Greek debt crisis. The Greek parliament is set to vote this week on a package of deep austerity cuts designed to prevent a destabilising default by that country on its sovereign debt, which could threaten the stability of the entire euro zone. The $US40 billion package of cuts is deeply unpopular but has been demanded by the European Union and International Monetary Fund as a precondition for their further support. The Dow Jones Industrial Average fell 115.42 points, or 0.96 per cent, to 11,934.60 points on Friday. President Barack Obama has taken control of stalled debt talks in Congress, setting up meetings with leaders from both parties to end the stalemate in one of his most severe tests yet.

On Monday the Australian financial sector lost ground, with ANZ and Commonwealth Bank suffering the biggest losses among the major banks. ANZ shares were 23 cents, or 1.07 per cent, lower at $21.24 and Commonwealth Bank shares were 68 cents, or 1.33 per cent lower, at $50.45. Westpac shares were eights cents, or 0.37 per cent, down at $21.29 and National Australia Bank shares were 16 cents, or 0.65 per cent, weaker at $24.50. In the resources sector, global miner BHP Billiton was 14 cents lower at $42.20 and Rio Tinto descended 60 cents to $79.80. Takeover target FerrAus was up 15 cents, or 23.44 per cent, at 79 cents after it recommended to its shareholders a takeover offer from fellow Pilbara-focused iron ore miner Atlas Iron, which could put an end to a hostile bid from Hong Kong investment company Wah Nam. Leighton shares fell 65 cents fell 65 cents, or 3.11 per cent, to $20.24. Centro Retail was the most traded stock by volume, with 117 million shares changing hands for $38.76 million. The Federal Court on Monday found that eight current and former directors of the shopping centre owner had breached their corporate duties by approving documents that failed to properly disclose about $2 billion in liabilities. Preliminary national turnover showed 2.31 billion shares traded for $4.25 billion, with 236 up, 1,032 down and 351 unchanged.

The Australian dollar fell to its lowest levels in more that two months Monday as investors withdrew from the market ahead of a pivotal vote by the Greek government on austerity measures this week. Acceptance of the harsh tonic for Greece is needed to secure a bailout by the European Union and the International Monetary Fund that will prevent a default on a mountain of accrued debt. Greek Prime Minister George Papandreou faces a make or break week in which he will seek to steer a US$40 billion austerity bill through Parliament in the face of widespread protests. Voting will take place Wednesday and Thursday. Failure could leave Greece headed for bankruptcy and fuel upheaval among the euro currency area. The Australian dollar was at $1.0414, down from $1.0541 late Thursday. Against the Japanese yen, the Australian dollar was at 84.08, down from 84.79.

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