U.S. stocks opened sharply lower Monday as the European Central Bank tells Greek leaders it has reached its limit. The ECB is refusing to raise the maximum amount of emergency loans to the debt ridden nation. Germany Leader Angela Merkel says talks could continue with Greece, if it were to propose serious financial reforms. China’s stock market is now officially in a bear market. The Shanghai Composite is now down more than 20% from its June 12th peak. Puerto Rico’s Governor says it can’t pay its debts, causing more chaos in the global markets, already worried about Greece. He confirmed that he had considered having his government seek permission from the U.S. Congress to declare bankruptcy amid a nearly decade-long economic slump. Gas prices are predicted to fall into the Independence Day Holiday weekend. AAA says the average gas price nationwide is $2.85 a gallon.
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