Headlines regarding negotiations between Greece and its creditors turned negative as creditors began taking a hard line with concessions while Greece’s 1.5 billion euro payment due to the IMF at the end of the month is fast approaching. Concerns over Greece’s financial system, solvency, willingness/ability to make upcoming payments, etc. resulted in Greek depositors withdrawing funds, a sharp sell-off in the Greek and European stock market and a spike in Greek yields.