Greece worries! Banks shut, Stock exchange closed

The Greek government is set to impose capital controls and keep the banks in the country closed for few days in order to prevent the country's financial system from ‘collapsing in panic’.

European markets are gearing for what could turn out to be a wave of contagion as questions of ‘Grexit’ surface again. Greece is due to make a £1.1bn payment to IMF on Tuesday and is all likely to default. Greek Prime Minister has called for a snap referendum. The Greek government is set to impose capital controls and keep the banks in the country closed for few days in order to prevent the country's financial system from ‘collapsing in panic’.

President Obama called German Chancellor Angela Merkel and both the leaders have reportedly agreed to take all steps needed to resolve the crisis.