Shanghai stocks plunged almost six percent Friday, capping their worst three weeks in 23 years as analysts warned panic was setting in and authorities pledged more support after recent moves to staunch the blood-letting failed.

Hong Kong also sank following losses on Wall Street and as traders await Sunday's critical referendum in Greece, which could determine the country's future in the eurozone.

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The South Korean government on Friday agreed to inject $20 billion into the flagging economy, which has been hit by the MERS virus outbreak and sluggish consumption.

The 22-trillion-won ($19.8 billion) stimulus package was passed at a cabinet meeting of government ministers, the finance ministry said.

Greece's radical left government said Thursday it may resign if it fails to win a referendum that could decide the country's financial future.

Greek Finance Minister Yanis Varoufakis said the government "may very well" quit if the public went against it in Sunday's plebiscite and voted for more austerity in return for international bailout funds.

What does the future look like for young people in crisis-hit Greece, where years of hardship and sky-high unemployment were followed this week by bank closures? The answer: self-imposed exile.

"I don't see a future in Greece," sighs Dani Iordake. The 21-year-old, who proudly sports self-styled tattoos on his arms, was forced to drop out of university to help his mother pay the bills.

The number of registered unemployed fell in Spain for the fifth straight month in June, government data showed Thursday, but the country continues to battle one of the highest jobless rates in Europe.  

Jobless claims declined last month by 94,727 or 2.25 percent to 4.12 million, the labour ministry said in a statement.

Oil prices recovered Thursday after the Iran nuclear talks were extended until July 7, giving oversupplied markets a breather despite uncertainty over the Greek financial crisis, analysts said. 

U.S. benchmark West Texas Intermediate (WTI) for August delivery was up 14 cents at $57.10 in mid-afternoon Asian trade while Brent was 25 cents higher at $62.26.

In chaotic scenes, thousands of elderly Greeks on Wednesday besieged the nation's crisis-hit banks, which reopened to allow them to withdraw vital cash from their state pensions.

"Let them go to hell!" shouted one pensioner, after failed talks between Athens and international creditors sparked a week-long banking shutdown.

Greek Prime Minister Alexis Tsipras vowed Wednesday to go ahead with a controversial bailout referendum despite pressure from European leaders as they declined to consider any fresh debt offer before Sunday's vote.

Hours after Greece became the first advanced economy to default on an IMF repayment, the leftist leader used a live TV address to urge Greeks to vote 'No' on Sunday to creditors' current demands.

Britain on Wednesday urged a swift solution to the Greek crisis, saying it was prepared "for the worst" and ready to defend its economic security after Greece defaulted on its IMF debt.

"It is vital now that the current uncertainty is resolved, whatever the Greek people decide, to ensure economic and financial stability across Europe," finance minister George Osborne said in a statement.