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Daily Insights 

June  30, 2015

Greece's debt program set to expire

  • European markets were volatile as news around Greece continued to see-saw. On Monday, euro area leaders took a harder line toward Greece and underscored that Sunday’s referendum would be viewed as a referendum on euro membership. Today, there were indications that the Greek government was considering re-entering negotiations, although developments remain very fluid. Either way, it looks as though Greece’s debt assistance program will expire this evening without a new deal in place. It also looks almost certain that Greece will not make its EUR1.6 billion payment to the IMF tonight, making it the first developed economy to do so.
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