Talks between Greece and its creditors have failed. Reuters reports:
Talks on ending a deadlock between Greece and its international creditors broke up in failure on Sunday, with European leaders venting their frustration as Athens stumbled closer toward a debt default that threatens its future in the euro.
European Union officials blamed the collapse on Athens, saying it had failed to offer anything new to secure the funding it needs to repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund by the end of this month.
Greece retorted it was still ready to talk, but that EU and IMF officials had said they were not authorized to negotiate further. Athens insists it will never give in to demands for more pension and wage cuts...
Following what it called this "last attempt" at a solution, the EU's executive Commission said euro zone finance ministers would now tackle the issue when they meet on Thursday.
Asian markets were the first to react to the failure on Monday and were predictably negative.
However, the biggest falls were in China, where the Shanghai Composite Index fell 2.0 percent after the China Securities Regulatory Commission released a draft plan on Friday stopping brokerages from lending to individual clients with average daily assets of less than 500,000 yuan over the 20 past trading days.
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