Europe

Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday, throwing the future of the country's euro zone membership into further doubt.

The International Monetary Fund on Tuesday confirmed Greece had not made its 1.5 billion euro ($1.7 billion) loan repayment to the Fund, making it the first advanced economy to ever be in arrears to the Fund.

Oil prices bounced from three-week lows on Tuesday, with U.S. refined fuels markets leading the rally on bets for strong summer demand, even as Greece's move toward a debt default threatened to jolt global markets.

The Greek people should brace for a spike in poverty as an exit from the Eurozone appears likely. 

Crude futures hit 3-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market.

Greek banks and the stock exchange will be shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level.

If history is any indicator, European fiscal leaders will negotiate some type of agreement with Greece before Greece either defaults or is forced out of the Eurozone.