The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
South Africa's second quarter growth undershot economists' expectations in spectacular fashion on Tuesday, a clear signal emerging markets face torrid times.
Greek premier Alexis Tsipras is pinning his hopes on using an EU leaders summit in Riga with eastern European partners from Ukraine, Georgia, Azerbaijan and others to strike the broad outline of a cash-for-reforms deal to stave off default.
Greece sent an economic reform plan to its EU and IMF creditors overnight, according to an EU source, and euro zone finance ministers will this morning see the list which is a condition for extending the country's bailout programme by four months.