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Indonesia’s announcement on Monday of stronger-than-expected growth in the fourth quarter failed to lift the benchmark index as Greece’s unresolved debt plan cast a show over the market.

The Jakarta Composite Index lost 41.16 points, or 1 percent, to close at 3,974.79, erasing last week’s 0.7 percent gain. About 4.38 billion shares valued at Rp 6.20 trillion ($694.4 million) were traded on the Indonesia Stock Exchange.

Decliners outnumbered gainers by 164 to 83. Foreign investors sold Rp 475 billion more in shares than they bought.

“Greece hasn’t settled anything about the bailout deal and the deadline is this week. This weighed on the Indonesian market,” said Janson Nasrial, an analyst with AmCapital in Jakarta.

Reuters reported that Greece’s coalition of parties was expected to inform an increasingly impatient European Union on Monday whether they would accept terms of a new bailout deal.

Janson said Greece could default as soon as next month if its government failed to come up with a plan to pay bondholders about 14 billion euros ($18 billion).

With the threat of a Greek default and its effect on the European banking system, he said, negative investor sentiment took its toll on Indonesia’s banking sector despite its minimal exposure to Europe.

The financial sector fell 1.2 percent on Monday, led by Bank Rakyat Indonesia, the second-largest bank by assets. It lost 2.1 percent to Rp 7,000.

Bank Negara Indonesia, the fourth-largest bank, lost 4.2 percent to Rp 3,425.

Janson said the JCI’s valuation was already high compared to the region, triggering profit-taking.

The government said on Monday that the economy grew 6.5 percent in the fourth quarter, beating economists’ consensus forecast of 6.4 percent.

The rupiah strengthened less than 0.1 percent to trade at 8,988 against the dollar.