Emerging Markets

Greece moved to check the growing strains on its crippled financial system on Sunday, closing its banks and imposing capital controls that brought the prospect of being forced out of the euro into plain sight.

The governor warned that Puerto Rico can't pay its $72 billion public debt on the eve of a private Monday meeting with legislators, delivering another jolt to the recession-gripped U.S. island as well as a world financial system already worrying over Greece's collapsing finances.

Chinese stocks rose on Monday, as an unprecedented series of support measures unleashed by Beijing brought some relief to a market whose headlong slide over the past three weeks had raised fears about the stability of the world's second-biggest economy.

The beauty products company revenue fell to $2.48 billion on currency fluctuations and reported a net loss of $13.7 million, but it still managed to exceed Wall Street expectations. 

The decades of Western fiscal neglect and living beyond its means has led to the current security problem for Europe.  Now the piper has to be paid; the bill is due.  

With the focus on the Winter Olympics in Sochi and the showcasing of President Vladimir   Putin’s reinvented Russia, perhaps it is time to ask the question: should you buy Russian debt?