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U.S. stocks extended their losses in heavy trading on Monday, adding to a global selloff, after a collapse in Greek bailout talks intensified fears that the country could be the first to exit the euro zone.

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Greece has never been this close to default and markets are panicking. But what exactly is the country’s fate? Here’s a

could play out and what it means for the world





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The crisis worsened after a Greek government official said the country would not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday.

All three major indexes fell more than 1 percent on the same day for the first time in more than a month as investors dropped riskier assets such as equities and commodities.

The Dow Jones Industrial Average turned negative for the year. The last time it showed an annual decline was in 2008.

Volatility rose sharply as nine of the 10 main S&P sectors retreated. The only group to rise was utilities, considered a defensive play.