"Greetings from Greek islands. Although news seems bad from reading papers etc, life here is rolling along. I am vaca with family and pulled out 500 Euro from ATM last night (Sunday, June 28) on island Hydra. Restaurant accepted Amex. So far so good."
Too much debt.
"China's debt has quadrupled since 2007. Fueled by real estate and shadow banking, China's total debt has nearly quadrupled, rising to $28 trillion by mid-2014, from $7 trillion in 2007. Three developments are potentially worrisome: half of all loans are linked, directly or indirectly, to China's overheated real-estate market; unregulated shadow banking accounts for nearly half of new lending; and the debt of many local governments is probably unsustainable."