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Greece Declared in Default ahead of Knife-Edge Referendum

Greece was officially declared in default on Friday, injecting even more urgency into a make-or-break weekend referendum that new polls suggested was too close to call.

The fund providing Greece's financial lifeline declared "an event of default by Greece."

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Shanghai Plunges Again, Hong Kong Hit by Greek Worry

Shanghai stocks plunged almost six percent Friday, capping their worst three weeks in 23 years as analysts warned panic was setting in and authorities pledged more support after recent moves to staunch the blood-letting failed.

Hong Kong also sank following losses on Wall Street and as traders await Sunday's critical referendum in Greece, which could determine the country's future in the eurozone.

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Iskan Loans: How Do they Work? Benefits Versus Conditions

The following information is provided by that is a FREE online platform that gathers data related to financial products and services offered by banks and financial institutions in Lebanon.


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S. Korea Injects $20 Bn Stimulus into MERS-hit Economy

The South Korean government on Friday agreed to inject $20 billion into the flagging economy, which has been hit by the MERS virus outbreak and sluggish consumption.

The 22-trillion-won ($19.8 billion) stimulus package was passed at a cabinet meeting of government ministers, the finance ministry said.

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Greece's Government 'May Resign' in Event of 'No' Vote

Greece's radical left government said Thursday it may resign if it fails to win a referendum that could decide the country's financial future.

Greek Finance Minister Yanis Varoufakis said the government "may very well" quit if the public went against it in Sunday's plebiscite and voted for more austerity in return for international bailout funds.

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Young Greeks Flee Abroad as Crisis Deepens

What does the future look like for young people in crisis-hit Greece, where years of hardship and sky-high unemployment were followed this week by bank closures? The answer: self-imposed exile.

"I don't see a future in Greece," sighs Dani Iordake. The 21-year-old, who proudly sports self-styled tattoos on his arms, was forced to drop out of university to help his mother pay the bills.

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Spanish Jobless Claims Fall in June for Fifth Straight Month

The number of registered unemployed fell in Spain for the fifth straight month in June, government data showed Thursday, but the country continues to battle one of the highest jobless rates in Europe.  

Jobless claims declined last month by 94,727 or 2.25 percent to 4.12 million, the labour ministry said in a statement.

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Oil Prices Recover as Iran Talks, Greek Crisis Drag on

Oil prices recovered Thursday after the Iran nuclear talks were extended until July 7, giving oversupplied markets a breather despite uncertainty over the Greek financial crisis, analysts said. 

U.S. benchmark West Texas Intermediate (WTI) for August delivery was up 14 cents at $57.10 in mid-afternoon Asian trade while Brent was 25 cents higher at $62.26.

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Greek Pensioners Besiege Banks to Grab Cash

In chaotic scenes, thousands of elderly Greeks on Wednesday besieged the nation's crisis-hit banks, which reopened to allow them to withdraw vital cash from their state pensions.

"Let them go to hell!" shouted one pensioner, after failed talks between Athens and international creditors sparked a week-long banking shutdown.

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Tsipras Insists on Austerity Referendum, Says Greece Wants to Stay in EU

Greek Prime Minister Alexis Tsipras vowed Wednesday to go ahead with a controversial bailout referendum despite pressure from European leaders as they declined to consider any fresh debt offer before Sunday's vote.

Hours after Greece became the first advanced economy to default on an IMF repayment, the leftist leader used a live TV address to urge Greeks to vote 'No' on Sunday to creditors' current demands.

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