Markets prepare for the ‘almost certain’ Greek default Tuesday

European markets are absolutely cratering on Monday amid Greek Prime Minister Alexis Tsipras’ shock referendum announcement and the increasing likelihood that Greece will default.

 

In fact, it has been pretty much accepted now, in most market circles, that Greece will not make its Tuesday debt payment owed to the International Monetary Fund, even though the IMF said last week it expected the country to make its €1.5 billion ($1.7 billion) payment that day.

 

Greek markets, like the banks, are closed for the next week until the scheduled referendum Sunday to decide whether the country will accept a deal with its creditors. The news led to ridiculously long lines across the country.

 

Bank analysts are also releasing reams of research reports explaining why European stock markets are going crazy Monday morning.

 

Read More: Markets prepare for the ‘almost certain’ Greek default Tuesday – Business Insider