Markets Lower Early as Europe Quickly Dismisses Greece's Latest Bailout Extension Proposals (FXE) (GREK)

Markets are lower early Monday following news that Greece and its creditors failed to reach an agreement over the country's bailout extension.

According to reports, talks broke down last weekend with European officials calling Greece's latest proposals, calling them vague and repetitive the process.

Greek prime minister Alexis Tspiras will appeal to European leaders at a summit in Brussels on June 25th.

The gap between what the Greeks proposed and what creditors are looking for in terms of spending cuts and other concessions is as high as $2 billion annually.

Greece has two weeks before a €1.6 billion debt payment will need to be made to the IMF. Missing the payment could result in Greece being ejected from the euro-zone.

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