HONG KONG — Asian stock markets slumped on Monday as Greece’s financial difficulties triggered worry about possible broader harm to the global financial system. An interest rate cut by Beijing on Saturday failed to stem the fall in Chinese stock markets beyond the first hour of trading.

The euro also dropped 1.5 cents against the dollar, to a value of $1.1017, as investors worried that Greece’s troubles would have a spillover effect and make European assets less attractive.

Greece has been struggling for a solution to its debt troubles for years. But the speed with which its government called a national referendum and shut its banks appeared to have caught at least some investors off guard. “Most people’s consensus forecast was for them to muddle through with some kind of a deal, so it has taken people a little bit by surprise,” said Kymberly Martin, the senior market strategist at the Bank of New Zealand.

The Japanese stock market fell 2.4 percent in midafternoon trade; the Australian market dipped 2.2 percent; and the South Korean market was down 1.3 percent. The price of gold, an asset that tends to become more popular during times of financial or political instability, climbed $12 an ounce, to $1,185.20.