The Greek government could produce at any time a list of economic reforms which it hopes will prompt a flood of funds from its creditors.
Currency concerns in the central banking world have come to the fore again.
Sweden cut interest rates further into negative territory out of the blue last week, fearing its strong currency will engender deflation. The Swiss National Bank said it would aim to weaken what it sees as a "significantly overvalued" franc. And the Bank of England flagged the risk that sterling could strengthen further and leave inflation below target for longer.
The prospect of dramatic European Central Bank action – coupled with the deflationary threat posed by a plunge in the price of oil and the pain it inflicts on oil producing countries – is putting the financial system under growing stress.
The rout in oil will have wider reaching consequences yet.
The Organization of Petroleum Exporting Countries’ decision not to cut production amid slowing demand coupled with large increases in U.S. oil output has skimmed some $40 off a barrel of oil inside of five months.
The Dow Jones Industrial Average hit a record high for the third straight day this week. The S&P 500, since breaking the 2,000 level on Oct. 31 has since remained above that level.
After European Central Bank chief Mario Draghi managed to bring his colleagues into line to sign up to his 1 trillion euros or so target to push into the ailing euro zone economy, today sees a raft of third quarter GDP reports which are likely to show just why more help may be needed.
Many emerging economies have been banking on weaker currencies to revitalise economic growth. Oil's 25 percent fall in dollar terms this year should also help. The problem however is the dollar's strength which is leading to a general tightening of monetary conditions worldwide, more so in countries where central banks are intervening to prevent their currencies from falling too much.