Asian markets sink after Greece closes banks

<p>Investors fear the consequences of a “Grexit” on the world’s markets.</p>

Asian shares tumbled today (June 29th) as Greece closed its banks after failing to reach an agreement with its creditors over the week-end. The country is due to repay an International Monetary Fund (IMF) loan on Tuesday.

Greece's Cabinet closed banks for six business days and restricted cash withdrawals. The Athens Stock Exchange was also closed today. 

Greek Prime Minister Alexis Tsipras' decided over the week-end to call a referendum on European and IMF proposals for Greek reforms in return for bailout funds.

Investors in Asia and across the globe are fearing the repercussion of a possible Greek exit from the eurozone.

China's Shanghai Composite Index fell 3.3 per cent to 4,053.03, Tokyo's Nikkei 225 tumbled 2.9 per cent to 20,109.95 and Hong Kong's Hang Seng lost 2.6 per cent to 25,966.98. Sydney's S&P/ASX 200 closed 2.2 per cent down at 5,422.50 and Seoul's Kospi dropped 1.4 per cent to 2,060.49.

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