Global markets are in turmoil as Greece calls referendum on austerity in poll considered vote on Euro membership. Capital controls allow Greeks to withdraw just €60 – that’s $66.6 – a day and banks are closed for a week. Europe’s biggest banks fall sharply. The travel industry also takes a hit, especially in the UK, after a Tunisian terrorist attack leaves 30 Britons dead and holiday makers head for the airport to go home. People have also been canceling vacation bookings. Meanwhile Chinese interest rate cuts fail to prevent further sharp falls in the markets there as the economy slows. Both Shanghai and Shenzhen are now officially bear markets, which means they are down more than 20% on their peaks just a couple of weeks ago.
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