The big issue on the world economic front is whether or not German Parliament will approve the 2nd part of the EFSF...that's why everything is in the shits. Because, there are strong indications that they wont (because it is tantamount to political suicide at this point), which will lead to the inevitable break up of the eurozone. Right now Europes options are: Raise about 800 billion euro to put Italy and Greece on life-support, or raise about 1.4 trillion to let them default and insulate against the damage from the financial fallout. In the long run, the eurozone will fall, it's just a matter of when. Germany votes today on that I believe.
Essentially, if Greece defaults, Italy will soon follow and this will royally piss of the French and Germans...Things could get very messy.