World stock markets have been in meltdown from Shanghai and Shenzhen to London and New York. A sea of red blighted the computer screens of the stock exchanges everywhere in a panic global sell-off. Shock and disbelief among investors was ubiquitous. Even as the Dow Jones claws its way back from its worst losses, extreme volatility pervades the entire system. Could this crash be a one-off event, which will quickly return to normal, or the beginning of a series of shocks in an unstoppable chain of events?

Greek Prime Minister Alexis Tsipras just announced he will step down. He has lost his parliamentary majority and Syriza is split, with left leader Lafazanis announcing the formation of a new party, Popular Unity. Speaking in a televised address last night, Tsipras stated that the Syriza government would tender its resignation and call an election. Tsipras said Greeks still have struggles ahead of them, but that Greece is “determined to honour” the latest so-called bailout package. What does this mean?

Over 270 Marxists have now returned home to over 30 different countries after attending the International Marxist Tendency’s World School that took place in Bardonecchia, Italy, last week. The school demonstrated the tendency's activity and the strength of revolutionary ideas through the high political level, the number of enthusiastic young people in attendance, and the excellent application of Marxist theory to the mass movements developing around the globe today.

Yesterday, the long-awaited nuclear deal between Iran and six major world powers was signed. After 18 days of straight negotiations the parties announced a 100-page agreement which is to set in motion the scaling back of the Iranian nuclear agreement and the lifting of harsh sanctions on Iran. This brings to an end more than three decades of harsh economic sanctions imposed on Iran by US imperialism and marks a complete defeat of the US strategy of intimidation, blackmail and coercion of Iran.

On 25 June year, President Jacob Zuma released the report of the Farlam Commission, which was appointed by the government to investigate the killings of 44 people at the Lonmin mine in Marikana in August 2012. This includes the massacre of mineworkers on 16 August that year, when the police opened fire on the striking workers, killing 34 and injuring 78 more.

The world economy is tottering. This week it has been buffeted by two extremely turbulent financial storms - Greece and, suddenly, China, the world’s second largest economy. Globally, the system is extremely unbalanced, with massive wealth accumulating in tiny handfuls whilst the billioned masses must keep borrowing from these billionaires to make ends meet. This top heavy, blind and irrational system cannot stand on its own feet and the nation states are buckling under the weight. The sudden stock market collapse in China has been so vast that even the mighty Chinese government is incapable of controlling it.