The Great falls of China and Greece over?

All eyes remain on the ever-changing crises in China and Greece. Greece remains in tremendous amounts of debt and China's stock market has been facing losses nearing $4 trillion in value. However in the recent days the tides have begun to change. Greece submitted a 13 page proposal Thursday night that included significant compromises in areas such as taxes, retirement benefits, sales of state owned assets and military spending, all factors creditors demanded Greece must improve upon, says Voya Global Perspectives.

As for China, the sell-off has appeared to slow down as the Shanghai Composite gained 5.9 percent Thursday and 4.5 percent Friday due to market wide state intervention. So the question remains, is the storm behind us and will Greece and China move on from these near financial collapses? International markets have reacted positively to these improvements but, anything can happen. A globally diversified portfolio can protect against the volatile and unpredictable markets of Europe and Asia, notes Voya Global Perspectives.