Argentina is facing bankruptcy, its government is facing political crisis, and US hedge funds are facing millions in losses. The various parties now have a week to find a solution.
A federal judge in New York has insisted on non-stop negotiations for Argentina to avert its second default in 13 years. A court hearing only added to the precariousness surrounding a deadline later this month.
Swiss bank Credit Suisse has reported a huge second-quarter loss as it struggles to overcome a major fine from US tax authorities. But the bank said restructuring its investment arm would help get it back on track.
Saudi Arabia has said foreign investors will soon be allowed access to its massive stock market. The planned deregulation could spur a massive influx of capital into some of the kingdom's biggest companies.