Markets Overview

It goes without saying that we will be closely monitoring any developmentswith respect to Greece. There has been a lot of noise overnightwith respect to Greece. Greek leaders appealed to Europe’s finance ministersfor a last second extension of their bailout and supplementarybailout funds. However, the request was denied, with Angela Merkel’sresponding that “we’ll negotiate absolutely nothing” until the outcomeof the referendum is known. As it is, we have woken up this morningwith Greece having failed to pay the EUR1.6bn payment to the IMF, andwe will be one day closer to the July 5 referendum on whether or notthe Greek people will accept the bailout terms proposed by Greece’screditors. Today, the ECB’s governing board will meet and consider itsELA to Greek banks.