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Greek citizens on Monday woke to shuttered banks and a closed stock market at the beginning of a fateful week that may determine whether they will be able to hold on to the euro currency, The Washington Post reported today. European markets were tumbling sharply after Greek leaders early Monday closed banks for six business days and imposed strict limits on ATM withdrawals, in a bid to stem bank failures as an international bailout was set to expire Tuesday. Greece’s creditors and its leaders were poised to keep talking about whether there was any way to pull back from the brink of economic collapse. There were growing global concerns that Greece’s five years of painful sacrifices to stay inside the 19-nation euro zone were coming to a rapid end, with uncertain consequences for the global financial system, as well as for Greeks themselves. European markets opened sharply lower on Monday and U.S. markets were poised to do the same later in the day. The Greek government on Monday shuttered its own stock and bond markets alongside its banks, with plans to reopen them next week, in a bid to avoid a cataclysmic selloff.

A sudden deterioration in Greece’s debt crisis shook global markets Monday, The Wall Street Journal reported today. Stocks around the world tumbled after a series of moves over the past few days, including a shutdown of Greece’s banking system, pushed the country closer to an exit from the eurozone. Declines in European stocks largely wiped out a rally over the last week. The Stoxx Europe 600 was down 2.1 percent midmorning. Banks led the declines. Greece’s stock market remained closed, but there was little sign of outright panic. Despite the selloff, European stocks remain above the level where they traded a little over a week ago.

NII Holdings Inc, a Latin American mobile service provider, said it has emerged from its chapter 11 reorganization proceedings, Reuters reported on Friday. As part of the plan, about 100 million shares of the company's new common stock and $745 million in cash will be distributed to holders of senior notes. The stock and cash will be issued by the NII Holdings' units, NII Capital Corp and NII International Telecom S.C.A. The mobile service provider has applied to list the new common stock on the NASDAQ Stock Exchange under its former ticker symbol "NIHD.” NII Holdings filed for bankruptcy protection in the U.S. in September after struggling with $5.8 billion in debt and fierce competition in Brazil and Mexico.