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Greece is just hours away from defaulting on a loan from the International Monetary Fund, setting the stage for a tense showdown with its international creditors ahead of an effective national referendum on its membership of the euro currency.

Athens has until midnight to repay the $1.8 billion it owes as part of a $270 billion aid package it received from the IMF, European Central Bank and European Commission — 19 eurozone governments — during the financial crisis. Next month Greece is also due to pay the ECB $3.9 billion.

But as talks between Greece and its creditors have broken down as Athens has tried to negotiate less onerous repayment terms tied to austerity measures, global markets have tumbled over fears that the country's attempts to strike a better deal could see it forced out of the eurozone. Its membership of the European Union is also at stake.

Although markets across Asia bounced back Tuesday, European indexes remained deep in negative territory. And on Monday, steep sell-offs in these regions helped push the Dow down 350 points — its biggest one-day-point loss since June 20, 2013.

A Greek eurozone exit, if it comes, it is feared, may reignite the financial contagion experienced during the sovereign debt crisis when billions of dollars were wiped off the value of European government debt and other assets.

Still, while many analysts and officials have warned that Greece leaving the eurozone could have far-reaching consequences for economies and markets across the world, the specific impact of that possible development remains mostly unclear.

Mark Zandi, chief economist at Moody's Analytics, a unit of the ratings firm, said that "If Greece leaves the eurozone, there is unlikely to be a big bang moment when the country adopts the drachma.

"It will happen over time, as the Greek government issues IOUs that effectively become the new currency," he said.

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Banks in Greece will not open on Monday as a desperate measure by officials to try and prevent the country's financial system from collapsing in panic.

Account holders will face tough limits on what they can withdraw from ATMs, and the stock exchange will reportedly be shut.

The measures were announced Sunday as Greece slid rapidly toward default and exit from the eurozone.

European leaders are now facing one of the worst moments in the history of the euro. President Obama called German Chancellor Angela Merkel on Sunday, and the two agreed to take all steps to try to resolve the crisis.

The trigger for the rapid escalation in the crisis was the Greek government's decision late Friday to pull its negotiators out of bailout talks.

Prime Minister Alexis Tsipras is accusing Europe of 'blackmail' as the European Central Bank said Sunday it would provide no new emergency support to Greek banks. Tsipras slammed a draft proposal from Europe and the International Monetary Fund, and said he would put it to the Greek people in a referendum on July 5.

Be aware that trading in EURO and other European markets like DAX, CAC, and FTSE, will be dangerous at this point.

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Few events will be as significant for the world in the next 15 years as China opening its capital borders, a shift that economists and regulators across the world are now starting to grapple with.

One of the most significant events for the world during the next 15 years will be China opening its capital borders, an event that change the world’s economic structure.

China’s leadership are aiming to invest more overseas and less in domestic economy. China’s excessive amount of savings – as much as $21 Trillion will increasingly deploy overseas, a move that is now becoming easier as Premier Li Kequang relaxes capital-flow regulations.

There are some changes that are easy to envision: the Yuan making its way to into more corners of the globe, China’s giant bank increasingly shine at New York, London and Tokyo Skylines, and property prices all around the globe will feel the influence of Chinese buying.

Some are evaluating this process using terms of Historic Proportions, as China’s era will be marked by shifting from a large net importer of capital to one of the world’s largest exporters of capital. And the continuing opening of China’s capital account will also promote the trading of commodities in yuan, and boost China’s ability to influence their prices.

China International Capital Corp. economists led by Beijing-based Liang Hong, wrote in a note this month that “The integration of China - the world’s second-largest economy with the highest saving rate but still a low per capita income - into the global capital markets is an unprecedented event.”

One issue that is being brought into account is the relationships with the US, as David Dollar, who served as U.S. Treasury attaché in China and is now a senior fellow at the Brookings Institution in Washington puts it: If they’re going to be gradually opening up to be like the U.S., then vast amounts of money are going to flow overseas,”… “I would speculate that it favors the U.S. over everything else.”

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Euro-area finance ministers expressed bemusement on the status of talks with Greece after they were presented at the last minute with competing proposals aimed at resolving the standoff over aid.

Europe’s finance ministers are somewhat confused about the status of talks with Greece after they were presented different last meeting proposals aimed at resolving the deadlock.

Jeroen Dijsselbloem, the Dutch finance minister who chairs meetings of his euro-area counterparts, said that Greece’s creditors pulled together a common position that doesn’t have the support of the Greek government and sent it to finance chiefs to review as the basis for a deal

Malta’s Finance Minister Edward Scicluna, told reporters that Greece’s creditors are running out of time and patience. The documents were merged minutes before ministers met, as he added: “We don’t know what has been deleted or added. We don’t know where the disagreements are.”

Ministers are losing their calm as they meet for the fourth time in a week after talks between Prime Minister Alexis Tsipras and the heads of his country’s three creditor institutions failed to produce a compromise position. German Finance Minister Wolfgang Schaeuble said that rather than making progress the Greeks had moved “backwards.”

Finnish Finance Minister Alexander Stubb, said that “The process continues -- it’s quite the ping-pong back-and-forth”… “The worst case scenario for now is that we continue this tomorrow.”

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Mark Zuckerberg and Facebook employees will definitely "like" this. Facebook's stock rose 3% Tuesday and hit at an all-time high! And now worth more than the giant Walmart corporate.

Following the last days, Facebook's market value is rose, and is now $245 billion - an amazing success for a company that has only been around since 2004 and started trading on Wall Street in 2012.

The stock is up more than 11% this year. The recent rally has been fueled by optimism about the company's plans to launch interactive mobile video ads.

Walmart is now worth about $235 billion. Its stock has fallen 15% so far in 2015 due to concerns about weak sales and increased competition from the likes of Amazon and Target.

Walmart’s CEO Doug McMillon said that Facebook and its subsidiary Instagram are two of the companies he most admires, and it’s easy to understand why. If things will continue to look the same for Facebook, it’s only a matter of time until they pass the next big company in market value terms. 

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According to forecasts by the economist Intelligence Unit, China, the U.S and India will take three top places in the world’s top 10 economies in just 35 years’ time. Large economies of Russia and Italy are going to lose their place to Mexico and Indonesia.

Another very interesting forecast is that by the year 2026, China will pass the U.S to be the world’s biggest economy in nominal gross domestic product in dollar terms. And To complete the top 10 list we have Indonesia, Germany, Japan, Brazil, and the U.K, which are going to be poorer than China and India, combined.

We can see for certain that the wealth is shifting towards Asian nations, and the EURO countries will play a smaller part in the world economy decades to come.

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