Wall Street On Track To Join Global Market Rout

With the developments on the Greek debt crisis taking a turn for the worse, risk aversion took a firm grip on the global markets and Wall Street looks set to follow suit. The major U.S. index futures are pointing to a notably lower opening on Monday. Greece fresh from its snubbing from its international creditors has opted to take the risky route of taking it directly to the people. Greece has called for a referendum on the proposals from its creditors and has declared bank holiday and imposed capital controls until the July 6th referendum. The domestic markets may also keep an eye on the pending home sales data due shortly after the markets open.