Shares in mining and trading company Glencore fell almost 30% and closed at a record low on Monday over concerns it is not doing enough to cut its debt to withstand a prolonged fall in global metals prices.
Fed Chair Janet Yellen has made clear she would rather delay an interest rate hike for too long than move sooner and risk jeopardizing a tepid economic recovery, a conviction that will face its sharpest test yet on Thursday.
Most top credit rating agencies say they would not cut Greece's rating to default if it misses a payment to the International Monetary Fund or European Central Bank, a stance that could keep vital ECB funding flowing into the financial system.
The collapse in the price of oil is unmaking deflationary pressures and could cause a wave of defaults as the global economy and cause an environment where people are going to be less willing to lend money not just in the energy sector but across the economic spectrum. Not only are there growing supply side worries it is coupled with signs of weakening demand.