International monitors will hold a teleconference later today with Greece’s finance minister to find out whether that country will be able to meet its debt payment obligations. Already the situation looks grim: “We can�t move along without real implementation of fiscal reforms and we are late,� Finance Minister Evangelos Venizelos said today, according to Bloomberg. President Obama also announced a deficit-cutting plan which includes tax increases on the wealthy and is sure to clash with Republican deficit plans.
Dow futures fell 154 points to 11,292; S&P 500 futures fell 19.8 points to 1,192.
Tyco (TYC) rose 7% after announcing plans to split its business into three separate companies. General Motors (GM) fell 2% after inking a new labor deal with the UAW.
Financial stocks were lower, with Bank of America (BAC) falling 2.8%.
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