NEW YORK ( TheStreet) -- Tick tock, tick, tock, tick tock.

Time is running out for Greece as the deadline on a loan repayment of 1.6 billion euros ($1.8 billion) expires at midnight. We are sure there will be last minute offers between the European creditors and Greece, as they look to prevent a Greek default and likely exit from the eurozone membership.

The great question facing the markets now is whether the markets would actually rally on an exit, as the news would be out at that point. I don't yet subscribe to that and am concerned over the collateral damage a Greek exit from the EU could cause.

Don't forget Puerto Rico, where on Monday its governor called for the commonwealth to declare bankruptcy (which it is not allowed to under U.S. bankruptcy codes).

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Drastic times call for drastic measures and China, which had taken steps to let some froth out of its stock markets, has decided it's time to pony back up to the table as policymakers there try to stop the Shanghai Composite Index's slide.

On Monday evening, the finance and social security ministries in China issued draft rules that would allow the state pension fund to invest a maximum of 30% of its net asset value in securities, freeing up $97 billion to try and shore up the weak tape. The market rallied on that news, closing up 5.6%.

In M&A news, Willis (WSH) and Towers Watson (TW) have agreed to merge in an all-stock deal worth $18 billion. And General Electric (GE) - a holding in the Dividend Stock Advisor portfolio -- agreed to sell its European private equity financing business to Japan's Sumitomo Mitsui Banking Corp. for $2.2 billion as the company continues to sell off GE Capital assets.

Some earnings of note today include: ConAgra Foods (CAG), Schnitzer Steel (SCHN), and Aerovironment (AVAV).

Here is today's economic calendar:

At 8:55 a.m., the Redbook weekly sales report is released.

At 9 a.m., we get the ISM Milwaukee, June and the S&P/Case-Shiller 20-City month over month for April, with consensus at 0.8%.

At 9:45 a.m., the June Chicago Purchasing Managers report will be released; expectations at set at 50.0.

At 10 a.m., the June Consumer Confidence Index is released, with consensus at 97.4. And at 4:30 p.m., the API weekly oil inventories will be released.

Happy trading!

  • European Commission President Jean-Claude Juncker made a last-minute offer to Athens in a desperate attempt to keep Greece on track for a bailout, Reuters reports. Under the offer, Prime Minister Alexis Tsipras would have to send written acceptance by today, in time for an emergency meeting of the Eurogroup of euro zone finance ministers to be held and agree to campaign in favor of the bailout in the planned July 5 referendum. European stock markets opened lower, but there were few signs of actual panic.
  • Spanish Prime Minister Mariano Rajoy said that if Tsipras' anti-bailout stance wins the referendum set for next Sunday, Greece will have no alternative but to leave the eurozone, according to a report in Spanish newspaper El Mundo.
  • The U.K.'s economic growth was revised upwards to 0.4% in the first quarter vs the fourth quarter of 2014, from a previous estimate of 0.3%, due to better performance by the construction industry. For 2014 as a whole, economic growth was revised up to 3%, the fastest pace of growth seen since 2006.
  • Data roaming charges will be abolished in the European Union over the next two years, according to a deal reached on Tuesday that requires telecom operators to treat Internet traffic equally within the EU.
  • Japanese electronics giant Sony (SNE) sent its shares down 8% in Tokyo after it announced a plan to raise around $3.6 billion from the sale of shares and convertible bonds. Sony said the funds would help it to finance increased production within its image sensor business.