After Greece became the first developed nation to miss a payment to the International Monetary Fund, it seems that after 24 hours of economic collapse Greece now says it is now ready to accept the bailout conditions it previously rejected. Though it may be too late as the total recklessness and arrogance of Greek Prime Minister Alexis Tsipras has caused damage and pain to the people of Greece that easily could be avoided.
Oil prices bounced from three-week lows in choppy trade on Tuesday as investors awaited a Greek debt default, shying away from riskier assets and putting benchmark North Sea Brent crude on course for a second month of losses.
While the moment of truth for a Greek default is just hours away, Greek Prime Minister Alexis Tsipras says that the European Union wouldn't dare allow a Greek Exit from the Eurozone. Crude oil prices are also getting some support from that fact that the self-imposed dead line with the p5+1 will miss its deadline.
U.S. stocks added to a global selloff on Monday as markets digested news of capital controls in Greece and the country veered toward a default on its debt, while the euro recouped some of its earlier losses against the dollar.
Crude oil prices get hit hard after Greece fails to reach a deal with creditors and the country called for a referendum. It seems that Greek Prime minister Alexi Tsipras did not have the courage to make a deal and instead opted for turmoil.