According to a media report by Bloomberg, Singapore’s stock market is on track for a 15% decline in 2015, drawing similarities to Greece’s projected 24% decline. The Straits Times Index (STI) has lost 13% of its value today since the start of the year, breaking the psychological barrier of 3,000 points.

Analysts Bloomberg spoke to have also expressed opinions that the worst is not over for Singapore yet. Baring Asset Management Ltd. and UBS Group AG both say stock prices are still over-valued.

Singapore banks like DBS and UOB are facing the largest decline with falling property prices and increasing bad debt as more homeowners default on their mortgage payment. Since the start of 2015, DBS share prices declined 17%, UOB declined 20% and OCBC declined 15%. The three banks had their credit ratings downgraded to “negative” from “stable” by Moody’s.

As of Q3 2015, Singapore’s household mortgage debt is S$222 billions with HDB mortgages standing at S$37.7 billions.

You may view the original Bloomberg article here.