Ratings agency Fitch has declared Argentina to be in "restrictive default" after the country failed to resolve a dispute with US hedge funds that refuse to accept a write-down on their Argentinian bonds. But Buenos Aires insists that this is not a default. The blame, they say, lies firmly with the United States, and the protracted legal battle there that forced Argentina to miss a debt payment. The Buenos Aires stock market is already feeling the pinch.
Tougher sanctions against Russia
The European Union has unveiled the details of its toughest economic sanctions yet against Russia. The new package is meant to punish Moscow for its role in the Ukraine crisis. It will cut off financing for five of Russia's biggest banks, as well as curb arms sales and the export of hi-tech equipment for the oil sector. The EU is Russia's biggest trading partner, and the sanctions are meant to hit Russia where it will hurt. But analysts say Europe will suffer, too. It relies heavily on Russia's natural gas.
Egypt raises fuel prices
Egypt is suffering from a crippling budget deficit. The country could be set for several years of painful austerity. The new president hasn't wasted much time making cuts. Abdel Fattah al-Sisi's government has raised prices on heavily subsidised energy products. That means the cost of fuel is soaring.