Greece says it will default and stock markets suffer a brutal fall.

247 - A Greek government official revealed to Reuters that the country will not make the €1,6 billion loan payment to the IMF, which is due on Tuesday, June 30th. The default could force the country out of the eurozone.

The government of Prime Minister Alexis Tsipras closed the banks today and imposed capital controls, in addition to calling a referendum for next Sunday on the offer of a deal, asking Greeks to reject it, which caused consternation among creditors.

The situation led to a brutal fall in stock markets worldwide. European markets experienced their worst day since 2011. The FTSEurofirst 300 index of leading European shares fell as much as 2,57%, to 1.533 points, according to information from the Infomoney portal.

In Asia, the Nikkei fell 2,88%, Shanghai dropped 3,29%, and the Hang Seng declined 2,61%. The situation for US indices is similar, with the Dow Jones down 0,75%, while the S&P 500 retreated 0,74% and the Nasdaq registered losses of 0,84%.

In Brazil, the Ibovespa fell almost 2% at 13:20 PM due to the repercussions of the "Greek tragedy" and the release of Petrobras' 2015-2019 Business Plan, which showed a 37% drop in investments compared to the previous plan.

Check out an excerpt from a news report on the portal below. Infomoney Regarding the reaction in the global market to the threat of a Greek collapse:

Greece on the radar

Despite European Commission President Jean-Claude Juncker's statement that "Grexit" will never happen, markets have already started the day in a sell-off. In Asia, the Nikkei fell 2,88%, Shanghai dropped 3,29%, and the Hang Seng dropped 2,61%. In Europe, the FTSE 100 index retreated 1,18%, the DAX fell 2,07%, the CAC 40 plummeted 2,51%, the FTSE MIB plunged 3,48%, the IBEX 35 lost 3,41%, and the Stox 600 fell 1,73%. The situation for US indices is similar. The Dow Jones fell 0,75%, while the S&P 500 retreated 0,74% and the Nasdaq registered losses of 0,84%.

"The chance of an agreement by the start of the weekend seemed 50%, but now we are at zero and a large dose of additional uncertainty has arisen with the announcement of the Greek referendum, the freezing of the ECB's (European Central Bank) emergency liquidity line and the expected delay in payment to the International Monetary Fund (IMF) this week," say analysts at the Royal Bank of Scotland (RBS) in a report sent to clients this morning.

The biggest risk, according to several experts, is contagion to other eurozone countries that may exit after Greece, such as Portugal, Spain, and Italy. However, the risk is lower than it was a few years ago. "Firstly, because European banks have already significantly reduced their exposure to Greece. Secondly, because other economies considered vulnerable within the bloc, such as Spain, Portugal, and Ireland, are moving towards balancing their accounts and resuming growth," says economist Silvio Campos Neto of Tendências Consultoria in an interview with the BBC.

For emerging markets like Brazil, the risk posed by the Greek crisis is the emergence of strong risk aversion among international investors, primarily harming emerging markets. The real, for example, is expected to depreciate, with a rush for safer assets such as US Treasury bonds.

Spinelli analyst Elad Revi says this situation generates uncertainty on a global scale. "Regarding what directly affects Brazil, let's consider that, in the event that Greece defaults, the flow of global capital will directly revert to what we call safe havens, such as the Swiss Franc, Gold, and the US, for example. Brazil, unfortunately, is not in this group, therefore, foreign capital will leave; for this and many other reasons, of course. Capital leaving directly affects the stock market and exchange rate in the first instance," he explains.

However, he says that the risk of Greece actually leaving the eurozone is too complex to calculate. Revi points out that no matter how closely the country's situation is monitored every day, there is always something new, such as the referendum, which surprised even the creditors.

Despite all the negativity in today's scenario, independent analyst Flávio Conde from the WhatsCall blog says his recommendation is not to sell. "We are going to experience an atypical week with a mini-panic because of Greece, which will combine with corruption in Brazil. We need to endure it," he explains, predicting corrections in the coming weeks.

Check out the Reuters report on the subject:

European bankers pause due to Greece.

The deepening Greek debt crisis led bankers to pause and avoid panic on Monday, with markets falling sharply but remaining above pre-crisis lows.

Eurozone stocks remained well above levels seen at the start of the year, before the European Central Bank (ECB) began printing money. And while borrowing costs for governments have risen in indebted southern European countries – Italy, Spain and Portugal – they remain well below the highs reached at the peak of the crisis in 2011/12.

"I am firmly convinced that we will not see European integration fall apart," said UBS president and former ECB board member Axel Weber at a banking conference in Bern.

"People feel that there will be a rational solution. If I look at Europe, rational solutions always take time to emerge. Usually in Europe, these rational solutions aren't found until two minutes before the Asian market opens."

A number of German companies, including real estate firm Ado Properties, have frozen their stock market debuts after Greece came even closer to defaulting -- but said they hoped they could relaunch them later.

"People will hold off on anything this week. But it's holding off, not canceling," said a banker who works with London stock market issuances.