It’s emerged that Greece was forced to tap into an emergency account to make a debt interest payment to the International Monetary Fund. The Greek government raided its reserves to make that seven hundred fifty million euro payment on Monday, one day ahead of the deadline. It’s believed to have borrowed six hundred fifty million euros from its IMF holding account to meet that payment. It comes after the Greek Finance Minister warned his country that it was weeks away from running out of cash.

US telecommunications giant Verizon has agreed to buy AOL in a deal worth four point four billion dollars. Buying mass media company AOL will broaden the amount of advertising Verizon can sell and will increase video production. AOL owns websites such as the Huffington Post, and still has two million customers for its slower dial-up Internet service while Verizon is trying to become more of a one-stop shop for internet services and enterntainment.

To the global financial market. The Wall Street ended the day lower. The Dow fell by thirty seven points. The S&P500 was down a third of a per cent while the NASDAQ was down point four per cent. In London, the FTSE closed down one point four per cent.

Checking commodity prices. West Texas crude is trading at sixty one dollars a barrel. Tapis crude is trading at sixty eight dollars a barrel. And gold is trading at eleven hundred ninety three dollars an ounce. The Australian dollar is buying eighty US cents, seventy one euro cents and fifty one pence sterling.