A 110 billion euro ($146 billion) rescue is set to start flowing to debt-ridden

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Greece this week, but fears about the viability of the largest ever bailout of a country has rattled the same markets it had intended to soothe.

The euro fell on Monday despite the bailout's announcement at the weekend on doubts whether Greece can implement the austerity plan it has promised in exchange for the aid and fears that other euro zone countries might be vulnerable.

Euro zone government bonds opened lower, and shares dropped 0.2 percent in early trade a day after EU ministers approved the three-year emergency loan package.

In return, Athens is committed to radical savings that have sent thousands of people into the streets in protest.

"There's a lack of conviction that this is the silver-bullet solution. The longer-term sustainability of this level of austerity has got to be open to question," said Tony Morriss, senior currency strategist with ANZ Bank in Sydney.

"It doesn't look like the market is convinced yet, that's the story the euro is telling. The deal still has to get through parliaments and it's going to be a hard sell," added a European-based forex trader.

"This is unprecedented stuff, but the danger is it puts the focus on to Spain and Portugal."

Asian stocks outside of Japan, which was closed for a public holiday, fell just over 1 percent as investors feared the bailout will face stiff political challenges and could be the first of several equally hefty rescues for other euro zone weaklings.

Economists said that if the emergency aid fails to win over sceptical investors -- and gain the necessary parliamentary approval by Germany among others -- European countries could end up footing a bill of half a trillion euros ($650 billion) to save other fiscally weak nations.

The euro, which analysts had expected to rally in relief over the bailout, fell 0.6 percent to $1.322 in Asian afternoon trade.

Economists said it would likely remain weighed down by the political uncertainty and doubts that Greece would be able to deliver promised spending cuts and tax hikes worth 30 billion euros over three years, on top of belt-tightening steps already taken.

Greece intends to bring its fiscal deficit down to the EU limit of 3 percent of gross domestic product by 2014 from 13.6 percent in 2009.

"For the week ahead, the euro could see some upside given the unprecedented aid package laid out for Greece released over the weekend," said economists at United Overseas Bank in Singapore