The TSX Composite is down roughly a 1000 points from a mid-April (and 2015 to date) high of 15,449 amidst uncertainty in Europe over a possible Grexit and weak global oil prices.
Greek Prime Minister Alexis Tsipras made a surprise call for a referendum next Sunday that will focus on whether reform proposals the country’s creditors have demanded should be accepted to get access to blocked bailout funds.
In the meantime, strict controls have been placed on capital, with Tsipras closing banks and the country’s stock market for the week.
The price of West Texas Intermediate has been hovering around the $60 mark for the past couple of months and recently dipped below $60 in the past week to sit at around $58 per barrel. Like the TSX, the drop in price comes in the wake of the worsening Greek situation.