Financial markets shift their focus from Greece to China... At least for now

The rout on Chinese markets dominated headlines this week, shifting focus away from the drama surrounding Greece and its ongoing debt crisis.

The Shanghai Composite plunged sharply this week in volatile trade, bringing its losses to more than 30% since mid-June. The recent slide prompted policymakers in Beijing to provide fresh support measures to boost liquidity and calm investors.

Meanwhile, Greece is expected to present a credible set of reform proposals by midnight on Thursday, after requesting a new three-year bailout from its euro zone creditors on Wednesday.

Whether European leaders accept Greece’s request for more emergency loans at an emergency summit on Sunday will depend on whether Prime Minister Alexis Tsipras makes a drastic turnaround on pension cuts, tax increases and other austerity measures after five months of negotiations.

Failure to reach an agreement by Sunday would increase the likelihood of Greece falling into bankruptcy and leaving the single currency union.

See below for an outlook of the current Chinese Market:
http://www.investing.com/markets/china

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