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The 10-Point: My Guide to the Day's Top News.

The Wall Street Journal
Good morning,
Into the Unknown
The euro dropped and European shares opened lower today, after Greeks overwhelmingly voted against their international creditors’ conditions for further bailout aid. The outcome pushes the country closer to bankruptcy and further from the rest of Europe. “The only certainty now is uncertainty,” writes our columnist Stephen Fidler. Greece’s confrontational Finance Minister Yanis Varoufakis announced his resignation this morning and with more political wrangling likely to follow, market volatility is expected to continue. If Greece misses payments to the European Central Bank on July 20, it could end up leaving the euro, which would have myriad effects—some quite unexpected. Eurozone leaders said they would meet in Brussels tomorrow evening to discuss next steps. Follow our live blog for the latest developments.
Chinese Whispers
In an effort to reverse the worst selloff in years, China is readying a massive injection of funds. According to people familiar with the matter, the country’s central bank will indirectly help investors borrow to buy shares in a market that had already seen a rapid buildup in debt. Our Heard on the Street writer Alex Frangos notes that “the government’s direct involvement in pumping it up, and its failure to keep it aloft, should have investors concerned about China’s ability to control even more consequential markets.” Here’s an in-depth analysis of the situation. Meanwhile, the section of a World Bank report that calls on China to reduce government interference in the nation’s financial system starting “at the highest level” has been removed from the bank’s website two days after it was released.
Baggage Reclaim
The new frontier in air travel: digital bag tags. As the number of passengers climbs, airlines are developing technologies to improve and automate how they handle and track bags. Their latest ideas include allowing fliers to tag their own bags and print luggage tags at home, and track their bags on smartphones and tags that digitally update if flight plans change. The moves, however, face hurdles, including opposition from unions, security rules and fliers who prefer a human touch. In other travel news, the new normal for airlines appears to be more capacity on existing jets, but fewer trips. According to an analysis of data by the Journal, U.S. airlines are offering 12% more domestic seats this month than two years ago, but 4.4% fewer flights.
Queens of the World!
The U.S. beat defending world champion Japan 5-2 in the Women’s World Cup soccer final yesterday, lifting a trophy they had been fighting to reclaim since 1999. The team scored four goals in the first 16 minutes, including three from player of the tournament Carli Lloyd. Three years ago, she scored both goals in the opening match of the London Olympics—also against Japan. “She always does this to us,” Japan’s coach Norio Sasaki said of Lloyd. Following the crushing defeat, Japanese fans praised the U.S. players, saying that they outperformed their Japanese counterparts throughout the match. In case you missed the game, here’s our analysis of the final match.

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The growth in robot sales in China last year from a year earlier. China ranks as the world’s largest producer of robotic machines and is projected to have more installed industrial robots than any other country by next year, according to the International Federation of Robotics.
I consider it my duty to help [Prime Minister] Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum. And I shall wear the creditors’ loathing with pride.
Greece’s Finance Minister Yanis Varoufakis on the reason for his resignation. He said this morning that the country’s prime minister had judged it “potentially helpful” if he was absent from future talks with international creditors.
What are your thoughts on the upcoming changes in airlines? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
On last week’s question about U.S.-Cuba relations, Jacqueline Tillman Harty of Maryland wrote: “It has been disconcerting that the Pope and this President have not publicly condemned the continuing brutal repression in Cuba…The Cuban government still sponsors terrorism and harbors terrorists; still owns all the means of production; is still a repressive, communist police state; still owns property belonging to U.S. citizens that should be paid reparations. The President can at least require some concrete acts of expanded freedom in Cuba before he rushes to normalization.” But Mark Taussig, also writing from Maryland, commented: “The U.S. should have normalized relations with Cuba 25 years ago. Trade with the U.S. usually substantially increases the living standards of the other country. U.S. economic power is the greatest threat to tyranny, not military might which can only be used sparingly.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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