Greece's announcement that its deficit will be even higher than previous predictions sparked a global market sell-off Monday.

The news comes as finance ministers from 17 eurozone countries are meeting in Luxembourg to debate what to do about Greece's debt crisis.

Greece must meet certain budget targets before it can receive the next installment of its $10.8 billion bailout.

"Greece continues to be the major source of market angst as we head into the final quarter of 2011," Michael Hewson, market analyst at CMC Markets, told the Associated Press.

"Today's meeting of finance ministers will continue to delay the inevitable and look at ways and means of avoiding a Greek default," he said.
    
The eurozone must also decide whether it will proceed with a second rescue package it tentatively agreed to in July. Germany and other countries have been pushing to revise that deal.