Updated from 7:08 a.m.

NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, June 15:

1. -- U.S. stock futures were dropping as an attempt at a Greek debt deal failed and as investors contemplate the Federal Reserve Open Market Committee meeting this week.

European stocks fell sharply on Monday after the failure of the latest attempt to forge an agreement between Greece and its international creditors. At 3 p.m. in Brussels, European Central Bank President Mario Draghi will make a quarterly statement to the European Parliament's Economic and Monetary Affairs Committee. His comments will be closely watched, especially on the impact of the Greek crisis on the wider eurozone.

Asian stocks predominantly ended the day in negative territory because of Greek worries. In Hong Kong, the Hang Seng fell more than 1%, with mainland Chinese indices falling further. The Shanghai Composite was down 2.0%. In Tokyo, the Nikkei 225 fell and the Topix rose slightly.

2. -- The economic calendar in the U.S. on Monday includes the New York Fed's Empire State manufacturing survey results at 8:30 a.m., the Federal Reserve's industrial production data at 9:15 a.m., and the National Association of Home Builders' housing market index at 10 a.m.

3. -- U.S. stocks on Friday sank as oil prices dropped below $60 a barrel for West Texas Intermediate crude. Greece's debt woes compounded the pessimistic mood. 

The Dow Jones Industrial Average (DIA) slumped 0.78% to 17,898.84. The S&P 500 (SPY) closed down 0.7% to 2,094.11. The Nasdaq (QQQ) fell 0.62% to 5,051.10.

4. -- Homebuilders Standard Pacific (SPF) and Ryland (RYL) will merge, creating a company with a $5.2 billion market capitalization. The combined company will become the fourth-largest U.S. homebuilder, after D.R. Horton (DRI), Lennar (LEN) and PulteGroup (PHM). 

Standard Pacific shareholders will own 59% of the company, and Ryland shareholders will own 41%. Ryland CEO Larry Nicholson will become the new president and CEO of the merged homebuilder.

In premarket trading, the companies' shares were steady.

5. -- The Federal Reserve Open Market Committee two-day June meeting begins Tuesday. The committee's announcement at 2 p.m. Wednesday will be very closely watched.

It's unlikely but not impossible that the Fed will raise interest rates Wednesday, which would be a major event for stock and bond markets alike. 

6. -- Greece seems closer than ever to a debt default, and the euro is falling along with the wider European stock market. A meeting Sunday failed to find a way for Greece to avoid a default on €1.5 billion ($1.68 billion) it owes to the International Monetary Fund this month. Talks resume in Luxembourg on Thursday in a last-ditch effort.

If Greece can't renegotiate its debt terms with the International Monetary Fund, the European Commission and the European Union, it will default on its debt and likely be forced out of the euro currency.

7. -- United Technologies (UTX) will sell or spin off its Sikorsky helicopter division, the company announced. Sikorsky is the largest supplier of helicopters to the U.S. military. The sale or spinoff details will be decided over the next fiscal quarters.

Selling the Sikorsky unit is designed to increase shareholder value and to narrow the focus of United Technologies' business. Sikorsky is worth about $8 billion.

In premarket trading, United Technologies stock was down 2.2%.

8. -- Chinese e-commerce company Alibaba (BABA) says it will operate a video streaming service in China. Tmall Box Office will debut in two months, the company said. 

The new service will attempt to persuade Chinese customers to pay for TV, and will be a Chinese version of Netflix  (NFLX) or Time Warner's (TWX) HBO.

In premarket trading, Alibaba stock was down 0.45%.

9. -- The Internal Revenue Service is attempting to stem tax return fraud by increasing cyber security. Thus far this year, the IRS has encountered 3 million attempts at tax return fraud, 30% more than last year.

The IRS is forming a task force with makers of tax-preparation software, including Intuit  (INTU) and H&R Block  (HRB), to develop better ways to protect data. 

10. -- Canadian department-store company and Saks Fifth Avenue ower Hudson's Bay is buying Metro's (MTAGF) German department store Galeria Kaufhof for €2.8 billion ($3.2 billion).

Galeria Kaufhof opened in 1879 and runs 135 stores in Germany and Belgium. Hudson's Bay began in 1670 as a trader of Canadian furs.

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