Must Read Money Stories for Monday, June 29

by June 29, 2015


Keep on eye on Greece.  The next few days could transform Greece and the European Union, Neil Irwin writes for the New York Times. The country’s debt crisis has come to a head and the Greek government has scheduled a referendum for July 5, leaving it up to its citizens to decide on the most recent offer for a bailout extension from European governments and the International Monetary Fund. Stock markets in Europe and Asia appear extra volatile today, and the Euro has fallen slightly against the dollar, according to the Times. German chancellor Angela Merkel, the de facto leader of the eurozone, said in Berlin on Monday that “if the euro fails, then Europe fails.”

Puerto Rico is in trouble too. Alejandro García Padilla, the governor of America’s Caribbean territory, says the commonwealth cannot pay back its $72 billion in debts, the Times reports. The crisis could have a huge impact on the U.S. municipal bond market.

Space is hard. SpaceX, the space exploration company headed by Elon Musk, saw another of its unmanned rockets carrying supplies to the International Space Station explode after launch on Sunday morning. It is the third unmanned supply rocket to break up in recent months, according to CNN Money, though several others have arrived successfully. Astronaut Scott Kelly watched the launch from the ISS and aptly described the feeling after the explosion, writing on Twitter, “Space is hard.”

Waiting for Apple Music. Now that it’s gotten back together with Taylor Swift, Apple will launch Apple Music on Tuesday. The pop singer said she wouldn’t allow her music on the company’s new streaming service, because it wasn’t going to pay artists during a three-month free trial for users. Apple changed its mind and decided to pay the artists, and Swift said she would put her work on Apple Music after all. The service launches Tuesday, and will coincide with Apple’s launch of iOS 8.4, the latest version of Apple’s mobile operating system, and its new Beats 1 radio station, according to CNET.

A wealth of weddings. Just days after the Supreme Court’s ruling allowing same-sex weddings in all 50 states, gay pride parades across the U.S. hosted large crowds as people celebrated the court’s decision. Those in the wedding business should have reason to celebrate as well. Quartz writes that legalizing same-sex marriage could amount to a total of $2.6 billion in spending and nearly $185 million in state and local tax revenue, citing a report from the Williams Institute at UCLA School of Law.

More on Greece. If you want to better understand the Greek debt crisis, the Wall Street Journal recently updated an interactive graphic it published last February breaking down the money Greece owes.