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 * The European Central Bank froze funding to Greek banks, forcing
Athens to shut banks to keep them from collapsing.
* European Commission President Jean-Claude Juncker said he expects
euro zone to remain at 19 members. "This is not a game of Liar's
poker, either we all win or all lose."
* The blue-chip Euro STOXX 50 index was set for its worst one-day
percentage loss since late 2011.
* Greece faces defaulting on 1.6 billion euros ($1.8 billion) of
loans from the International Monetary Fund on Tuesday.
* The impending default on IMF loans leaves Greece sliding towards a
euro exit and has unforeseeable consequences for Europe's grand
project to bind its nations into an unbreakable union by means of a
common currency.
* Adding to the uncertainty, Chinese stocks closed sharply lower
after a frantically volatile day of trading despite surprise
monetary easing moves by the central bank.
* U.S. investors also await May data for pending home sales from the
National Association of Realtors, which is expected to have dropped
1.2 percent after rising 3.4 percent in April. The data is expected
to be released at 10:00 ET (1400 GMT).
* The Federal Reserve Bank of Dallas will issue manufacturing
outlook survey for June at 10:30 ET (1430 GMT).
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* Investors have been keeping a keen eye on data to see if the U.S.
economy has recovered from a slow start at the beginning of the
year.
* The Federal Reserve has said that it will look at economic data
and will raise rates when it sees a sustained rebound in the
economy.
Futures snapshot at 6:38 a.m. EDT:
* S&P 500 e-minis were down 23.25 points, or 1.11 percent, with
355,383 contracts traded. * Nasdaq 100 e-minis were down 54 points,
or 1.21 percent, on volume of 40,264 contracts. * Dow e-minis were
down 189 points, or 1.06 percent, with 41,978 contracts changing
hands.
(Additional reporting by Siddharth Cavale in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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