Critical 24 Hours For Greece As EU Leaders Gather For Key Summit

The next 24 hours would remain crucial for Greece as EU leaders descend into Brussels for an emergency summit.

Stock markets across the globe are looking forwards to this summit which would plan a crucial role in whether Greece would default on a crucial €1.6bn IMF loan and eventually exit the Euro. The deadline of June 30 is very important for payment of the loan or else Greece risks crashing out of the EU.

Greece on Sunday submitted a new set of proposals, which has raised optimism.

Talks have been deadlocked for several months now as Greece seeks the final €7.2bn bailout funds. However, these funds have not been forthcoming for Greece as it has failed to agree on economic reforms.

Markets across the globe are optimistic that some sought of resolution would be reached in the coming 24 hours. Most of the Asian markets rallied across the globe and European markets were expected to open sharply higher in trade.

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