Having less sweeping market consequences--but very key to the price discovery of the energy sector--is the news that the United States and five other nations have a struck an accord with Iran exchanging deterred nuclear development for easing of economic sanctions.
Greek Prime Minister Alexis Tsipras had a final chance to present credible reform proposals to an emergency euro zone summit on Tuesday to persuade skeptical creditors to reopen aid talks before his country's banks run out of money.
Prime Minister Alexis Tsipras has told international creditors Greece could accept their bailout offer if some conditions were changed, but Germany said it could not negotiate while Greece was headed for a referendum on the aid-for-reforms deal.
Greek Finance Minister Yanis Varoufakis may have been joking when he tweeted about Greece adopting bitcoin, but some financial technology geeks say an asset-backed digital currency could be a solution to the country's cash crisis.
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.
As most forex traders know by now, the negotiations over Greece’s debt took a sharp turn for the worse over the weekend, culminating in the Greek government’s decision to call a public referendum on its creditors’ proposal on this coming Sunday.