The market routs after European Central Bank chief Mario Draghi said a Greek bailout may not be ready until the end of March.
The S&P 500 plunged 7.8% to 5,984.13, the Nasdaq Composite fell 4.7% to 6,853.06 and the Dow Jones Industrial Average dropped 7.3% to 18,624.53.
Greece’s bailout program, which includes a $3.2 trillion bailout package, will come up for a vote in parliament this week.
European Union President Jean-Claude Juncker told the AP news agency on Friday that the bloc is “committed to the rescue” of Greece.
He said “we’re ready to meet the conditions, but we have to have the full support of all partners to get it done.”
The Greek government has not said whether it will accept the bailout and if it will vote in favor of it, the AP reported.
Greek Prime Minister Alexis Tsipras said on Friday he was willing to talk to the EU, but he said his government is “not prepared to accept a bailout package until it’s agreed.”
Eurozone finance ministers are expected to meet in Brussels on Saturday to discuss how to respond to Greece’s request for a third bailout.
In the past week, Greek markets have lost nearly 3% and the stock market has shed more than 5%.
The Nikkei 225 fell 3.2% and closed down 3.6%.