Stocks slip as traders hedge against Grexit
Threat of eurozone bank crisis, Chinese rout could awaken the rest of the sleeping US stock market
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US STOCKS slipped again last week as traders hedged against the growing possibility that Greece will exit the eurozone and the danger of a bear market in Chinese stocks spreading worldwide.
On Saturday, eurozone financial ministers broke off talks with Greek officials, more or less guaranteeing that Athens will default on a 1.55 billion euro (S$2.3 billion) payment due to bailout lender International Monetary Fund (IMF) on Tuesday.
Greece could still stay in the euro since Prime Minister Alexis Tsipras decided to put the country's future in the euro to the Greek people, calling a referendum on July 5 on proposed terms of a new bailout. While Greek leaders had little choice but to compromise with their creditors, there remains the chance of a popular revolt against the terms.
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