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Stocks Fall Over Greece Default Fears

Banks and markets in Greece are closed for the week as the country struggles to find a solution to its debt problems. Stocks fell around the globe on Monday in response to the news and there may be some more big moves on the horizon. The country has a $1.8B loan repayment due to the IMF on Tuesday and there are widespread concerns about their ability to make the payment. Failure to make the payment would place Greece in arrears or default and have uncertain consequences for Greece’s future in the eurozone and possibly even the European Union. Prime Minister Alexis Tsipras has called for a referendum on July 5 to decide if the country will accept terms offered by international creditors. [NYT]

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