Asian stocks down after Greece bailout talks fail

<p>Greek PM Alexis Tsipras has resumed talks with international creditors today.</p>

Asian stock markets were down today (June 25th) as bailouts talks between Greece and the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) dragged on without result yesterday.

Greek PM Alexis Tsipras has resumed talks with international creditors today, with Greece having to repay a €1.6 billion (£1.1 billion) IMF loan by next Tuesday.

Earlier in the week, creditors rejected Greece's reforms proposals, arguing they are not viable and include far more tax rises and far fewer spending cuts than creditors had suggested.

Failure to reach an agreement to unlock the final €7.2 billion tranche of bailout funds could lead to Greece exiting the eurozone, with markets fearing possible repercussions for the world economy.

Japan's Nikkei 225 was down 0.5 per cent to 20,771.40 and South Korea's Kospi remained flat at 2,085.06. Hong Kong's Hang Seng lost 0.8 per cent to 27,190.75. Australia's S&P/ ASX 200 fell one per cent to 5,632.70 and China's Shanghai Composite closed 3.5 per cent lower at 4,527.78.

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