Asian Equities Expected Lower on Greece Default Fears

Asia’s stock markets may take another tumble on Tuesday, as Greece inched nearer toward a debt default.

According to Reuters, Greece will not be paying a 1.6 billion euro loan installment due to the International Monetary Fund (IMF) on Tuesday, citing a Greek government official. The cash-strapped country needed emergency funding to make the payment, but negotiations for a cash-for-reform package between Athens and its creditors broke down over the weekend after Greek Prime Minister Alexis Trspras called for a surprise referendum.

Australian shares appear set to fall below the previous day’s close, which was the index’s lowest level since January 23. Local futures notched down 0.6 percent to 5,345, a 77-point discount to the underlying S&P ASX 200 index.