US stocks drop as Greece talks drag on; IMF cuts China’s growth forecast
US stocks drop as Greece misses deadline to agree on austerity measures while German Chancellor Angela Merkel warned that Europe's patience is wearing thin. Meanwhile, German manufacturing increases 1.7 per cent in December ahead of estimates thanks to strong demand from abroad. The IMF also cut its forecast for China's economic growth this year to 8.25 per cent from 9 per cent projected in September citing weaker exports. Internet giants Google and Facebook removed content from their websites following a court directive warning them of a crackdown.
