Greek Bonds Tumble

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GREEKGreek bonds plunged, pushing 10-year yields up by the most since
January, as speculation grew that the nation’s financial system may be
just weeks away from running out of cash.

The time remaining for
Greece to strike a deal with its creditors is “very limited,” European
Union Economic Commissioner Pierre Moscovici told reporters in Berlin
Monday. The Greek government meanwhile repeated its pre-conditions for
any deal to be reached, saying it won’t yield ground on its “red lines.”

Europe’s
most-indebted state is struggling to resolve talks with its
international creditors over the terms attached to its 240 billion-euro
($274 billion) bailout. Concern over the country’s future in the euro
area has triggered a liquidity squeeze, pulling the economy into a
double-dip recession. Prime Minister Alexis Tsipras says he’s not
considering leaving the currency bloc and is focused on getting the aid
he needs to avoid a default.

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