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Tuesday, 30 June 2015
U.S. stocks added to a global selloff on Monday as Greece veered toward a default on its debt, while the euro recovered from an early sharp loss to turn higher against the dollar.
Greece will not pay a 1.6 billon euro loan installment due the International Monetary Fund on Tuesday, a Greek government official told Reuters, and the European Central Bank froze funding to Greek banks, forcing Athens to shut them for a week to prevent them from collapsing.
Thousands rallied behind a "No" vote in a referendum called for next Sunday on the terms of an aid deal offered to Greece by its creditors.
Prime Minister Alexis Tsipras, who blindsided creditors by calling a referendum on the austerity cuts in the aid package proposed by the creditors, appeared on television on Sunday night to announce capital controls to prevent banks from collapsing.
Their imposition capped a dramatic weekend for Greece that has pushed the country towards a likely default on 1.6 billion euros ($1.77 billion) of International Monetary Fund loans on Tuesday and closer to an exit from the euro currency bloc.
Cheap, easy credit has created moral hazard and nurtured magical thinking throughout the global economy.* *According to polls, the majority of Greek citizens want the benefits of membership in the euro/EU and the end of EU-imposed austerity.* The idea that these are mutually exclusive doesn't seem to register. *This is the discreet charm of magical thinking:* it promises an escape from the difficulties of hard choices, tough trade-offs, the disruption of vested interests and most painfully, the breakdown of the debt machine that has enabled the distribution of swag to virtually every...
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