As the federal, state and local governments in Nigeria prepare to completely decimate the Excess Crude Account (ECA), Greece’s rejection of bailout terms and China’s emergency measures to support its stock markets sent shocks to the global oil markets as the price of crude oil yesterday recorded a five per cent drop, being its worst loss since it dropped by seven per cent on April 8.Greek voters had voted a resounding “No” to a referendum on an international bailout that also put in doubt its membership of the Eurozone.
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