Stock markets in Asia declined for the third day on Wednesday due to uncertainty over Greece's debt deal, and concerns over a slowdown in global economic growth dampened sentiment.

The Japanese benchmark Nikkei declined 0.64 percent or 61.57 points to 9,576.06, Chinese Shanghai Composite fell 0.65 percent to 2,394.79. Hong Kong's Hang Seng declined 0.94 percent or 195.82 points to 20,610.43, while South Korea's Seoul Composite slipped 0.91 percent.

Asian stocks opened on a negative note following an overnight plunge in Wall Street. The three major equity indexes reported their worst day in three months. The S&P 500 ended down 1.54 percent and Dow Jones declined 1.57 percent, while the tech-heavy Nasdaq index fell 1.36 percent.

Renewed uncertainty over debt swap deal is the biggest concern in the market. Private investors have until Thursday to accept a bond swap in which they would lose 53.5 percent of the value of their bonds. The bond swap is a crucial part of a bailout program to save the debt-ridden country from bankruptcy and meet a debt repayment on March 20.

Investor sentiment was hurt by mounting concerns that private sector bondholders will not swap enough Greek debt to new bonds for the rescue package to proceed, or that their participation will be so low that Collective Action Clauses will be triggered, and CDS with them.

Meanwhile, concerns over potentially slower growth in China, the world's second largest economy, continued to weigh on sentiment. China’s official target projection of real GDP growth at 7.5 percent for 2012 is below the psychological 8 percent threshold that is generally thought to be the minimum growth rate required to generate enough jobs for the economy.