Asian stocks nursed losses early Monday after talks aimed at reaching a deal between Greek ministers and their bailout creditors collapsed over the weekend.
“I think there are increasing signs that this may not work out and so the risks have increased that if Greece doesn’t come to a deal by end June, it may be forced to default on its International Monetary Fund (IMF) payment and if that happens, it could create a lot of turbulence in global financial markets and raises question marks about what happens next,” Rajiv Biswas, Asia Pacific chief economist at IHS Global Insight, told CNBC.
U.S. shares handed over an unimpressive lead by finishing lower on Friday. The blue-chip Dow and the S&P 500 closed down 0.78 and 0.7 percent, respectively, while the tech-heavy Nasdaq finished 0.62 percent lower.
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