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Asian markets tumbled Wednesday after Greece was slapped with a deadline to submit fresh bailout reform proposals or face a eurozone exit, while Shanghai and Hong Kong plunged as fears about China's stock collapse spilled over into regional markets. The European leaders' ultimatum to Athens, which could see it ejected from the currency bloc at the weekend, saw traders scramble to safer investments, pushing the yen higher. Shanghai tumbled almost seven percent and Hong Kong lost 4.74 percent soon after opening, despite Chinese leaders announcing a slew of measures to staunch a mainland bloodletting that has wiped trillions off the country's markets.
European leaders gave debt-stricken Athens a final deadline of Sunday to reach a new bailout deal and avoid crashing out of the euro, after Greek voters rejected international creditors' plans in a weekend referendum. Greek leaders must submit detailed reform plans by Thursday to win the fresh bailout funds the country needs to stop its banking system from collapsing, EU President Donald Tusk said after an emergency summit of Greek and eurozone leaders. All 28 European Union leaders will examine the plans on Sunday in a make-or-break summit that will either save Greece's moribund economy, or leave it to crash out of the single currency -- a so-called "Grexit".