Australian stocks are not far off being flat -- or worse -- for the year

Ryan Pierse/Getty Images

Global stock market futures are tumbling this morning as the debt crisis in Greece goes from bad to worse.

German DAX futures have tumbled close to 5%, while the US S&P 500 is down more than 1.5%.

Australian markets are unlikely to be immune.

ASX 200 futures will resume trade at 9.50am (AEST). With the physical index up only 2.49% year-to-date, there is a chance that it will turn negative upon the resumption of trade at 10am (AEST).

If this occurs it will mark a stark turnaround for Australian stocks. In late April the index had been up more than 10% for the year.

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