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Copper and other metals plunged on Tuesday as the euro sank to a five-week low against the dollar after the European Central Bank tightened lending conditions for Greek banks and as the collapse in equities prices in China drove fears about the country's economy. U.S. stocks ended higher, taking heart from a stabilization in oil prices, while a global stock index fell as European shares extended losses on worries about Greece's ability to secure fresh aid. Greek banks may soon run out of cash.
European leaders gave debt-stricken Greece 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. In the first step of its renewed bid for funding, Greece's leftist government must submit detailed reform plans by Thursday, EU President Donald Tusk said after eurozone leaders held an emergency summit with Greek Prime Minister Alexis Tsipras. All 28 European Union leaders will then examine the plans on Sunday in a make-or-break summit that will either save Greece's moribund economy or leave it to its fate.