Greece default News

Greece, the eurozone and IMF are in a three-way Mexican stand-off over a review of the country`s 86 billion bailout agreed in July 2015, its third since 2010.

Tsipras has urged Greeks to reject creditors' tough reform demands in a referendum on Sunday, but has also pleaded for an bailout extension to keep Athens afloat.

Chinese shares tumbled Monday after a rollercoaster ride, extending losses of the past two weeks, while Hong Kong also sank on expectations Greece will default on its debt and possibly crash out of the eurozone.

The NSE Nifty slipped below the 8,300 mark by skidding 166.45 points, or 1.99 percent, to 8,214.65.

India`s stock markets fell nearly 2 percent on Monday and bond yields rose as Greece looked set to default on its debt repayment this week, sparking concerns about foreign selling in emerging markets.

Greek Prime Minister Alexis Tsipras summoned an urgent meeting of his cabinet on Friday after euro zone partners warned Athens it had until the weekend to accept a cash-for-reform deal or plunge towards default.

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.