We haven’t had a full day to thoroughly analyze the “A-Greek-ment,” although at first glance there seem to be some messy details not fully buttoned up. As the cathedral builders of the Middle Ages said when things were going well, “God is in the details.” When the cathedral fell down, they would say, “The devil is in the details.”

It seems as if for the moment China’s central-planning moves to bolster its main stock exchanges are paying off. Yesterday and today combined, the Shanghai Index was up almost 12%. Beware, though.

Apparently the world didn’t end when the NYSE stopped trading for four hours yesterday. Today, China’s Shanghai index moved higher, recovering by almost 6%. Greece is Greece and we shall see what happens, but the crisis, such as it is, is declining in influence.

Amidst the hubbub of the New York Stock Exchange technical outage, it’s easy to neglect the fundamental problems afflicting the world’s economy.

Less than robust economic health in the United States is nevertheless pulling the world train along. It has to by default.

Liquidity is a key issue in all major economic regions, although for very different reasons.

Today has been a trying and troubling day in world markets as everyone awaits the next move in the European-Greek drama. We’re hard-pressed to see how it can turn out well for anyone with any exposure to Greece’s debt.

The biggest story of the day is the crashing of the Shanghai equities markets. If it continues, this could have enormous repercussions for the world economy.

Yesterday we said that oil dipped significantly because of an unexpectedly higher rig count in the U.S. fields. We have rethought that a bit. The dent in oil is due as much to the China stock bust as it is to higher production.

Early today gold slipped into the mid 1150s, a testing ground for lower prices. However, in afternoon trading, gold has come off those lows and is trading in the mid-1160s, off $4 to $5.

In the run-up to default, Greek government negotiators kept hoping they could pull to an inside straight, the hardest hand in poker to nab. They’ve been surprised at every turn at how hard-nosed the French, Germans and others have played their hands, too.

The River Styx has turned into a set of dangerous rapids Greece, and some part of the developed world, must contend with. But maybe that makes little difference at this point.