U.S. markets followed their Asian counterparts sharply lower on Monday after Greece failed to strike a deal with its international lenders to secure more funding.
The debt-stricken country introduced capital controls and said it will keep its banks shut for much of the week—all leading up to a referendum on Sunday that some are casting as a decision on whether to stay in the euro zone.
S&P downgraded the country’s long-term credit rating from CCC to CCC- with a negative outlook. The ratings agency said it saw a 50 percent probability that Greece would exit the euro zone.
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