The euro is selling off.

US stock futures are getting crushed.

But perhaps the most serious damage is being done to stock futures in Europe, where markets in Germany, France, the Netherlands, and the UK are all down more than 3%.

Near 6:30 pm ET, futures for Germany's Dax index were down 542 points, or 4.7%. Earlier, Dax futures were down as much as 5%.

The CAC in Paris was off 235 points, good for a 4.6% drop.

London's FTSE 100 was off 206 points, or around 3%.

While stocks in Amsterdam were down 23 points, or more than 4.7%.

The drop in stocks comes after a wild weekend of headlines out of Greece that saw talks between Greece and its creditors break down, Greece call a referendum vote on the latest bailout terms for next Sunday, while Greek banks and the Athens stock exchange have been closed for at least the next week.

Greece also has a €1.6 billion payment due to the IMF on Tuesday, which it appears they will miss.