• US stock market daily report (June 30, 2015, Tuesday)

    The clock is ticking for Greece as they plead for a short-term bailout extension on Tuesday to avert a midnight default. Frantic efforts are in place in attempt to salvage a deal to keep Athens in the euro. Germany is warning that time had run out to extend vital credit lines.

    Greece will default on a loan to the International Monetary Fund, a path that would lead Greeks out of the euro, if an agreement cannot be reached. The results could lead to unforeseeable consequences for both the European Union's grand currency project as well as, the global economy.

    Jean-Claude Juncker, European Commission President, appealed to Athens to accept the deal proposed by international creditors last week while holding out hopes that some extra tweaks could still be possible.

    Alexis Tsipras, leftist Greek Prime Minister, responded to the European Commission with a counter-proposal - a request for a two-year deal covering funding support and debt restructuring. The request was already addressed by lenders as something they are reluctant to consider.

    Angela Merkel, German Chancellor said during a news conference, "This evening at exactly midnight Central European Time the program expires. And I am not aware of any real indications of anything else." Germany is Greece's biggest creditor.

    At midnight, billions of euros in locked-up bailout funds are due to expire. Euro zone finance ministers called a last-minute conference call at 1:00 am Eastern Time to discuss the request from Greece.

    Mariano Rajoy Spanish Prime Minister said, "What would happen if Greece came out of the euro? There would be a negative message that euro membership is reversible. People may think that if one country can leave the euro, others could do so in the future. I think that is the most serious problem that could arise."

    Contributed by Millennium Traders
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