TIME biofuels

Your Next United Flight Could Be Powered by Animal Droppings

Chicago's O'Hare Airport Hosts Air Industry's World Route Forum
Scott Olson—Getty Images United jets.

This could be a big step forward for the biofuels industry

Get ready for a slightly ripe scent on your next United flight — the airline is going to power a plane with animal waste, reports the New York Times.

Ok, so you won’t actually be able to smell the fuel — for passengers, in fact, almost nothing will be different when a plane takes off from Los Angeles this summer fueled only by animal’s droppings and oils from animal fats.

It will be a big step, though, for the biofuels industry. The Times notes that companies that make alternative fuels have long seen airlines as potential partners, and this United flight could be a sign of things to come.

For more on how the flight will work, and what it could mean for the industry, head to the Times.

MONEY legal

Wall Street Executive Must Pay $18 Million In Sexual Harassment Suit

Speakers At The Hedge Funds Asia Summit Hosted By Bloomberg Link
Bloomberg/Getty Images Benjamin Wey, Chief Executive Officer at New York Global Group.

Benjamin Wey, CEO of New York Global Group, was accused of pressuring a female employee into sex and then firing her once he found out she had a boyfriend.

Wall Street CEO Benjamin Wey must pay $18 million to a former employee for sexual harassment, retaliation, and defamation, a federal court ruled on Monday.

The Associated Press reports that Benjamin Wey, the chief executive officer of investing firm New York Global Group, was accused of using his authority to coerce Hanna Bouveng into having sex on four occasions before firing her six months later. According to Bouveng, the firing occurred when Wey found another man in her $3,600-a-month Tribeca apartment that Wey had helped pay for.

Following Bouveng’s firing, the 25-year old Swedish native claims Wey tried to ruin her reputation by calling her a “street walker” and “loose woman” on his blog. Her lawyers also say Wey traveled to Bouveng’s new job at a cafe in Stockholm, Sweden, in order to intimidate her. “The message was: ‘Wherever you are, whatever you are doing, I am going to find you and I am going to get you,” said Bouveng’s attorney during the trial.

Wey argued he and Bouveng never slept together and that the woman’s party-going lifestyle eventually led to her firing. However, the court found in favor of Bouveng and ordered the CEO to pay $2 million in compensation and $16 million in punitive damages.

Read next: Goldman Sachs Bans Interns from Pulling All-Nighters at the Office

TIME M&A

Willis Group to Merge With Towers Watson

Iconic Sears Tower Changes Name To Willis Tower
Scott Olson—Getty Images The Willis Tower sign.

Combined company will be worth $18 billion

Willis Group Holdings, an insurance broker and risk advisory firm, and professional services group Towers Watson, announced Tuesday they plan to merge.

The combined company, Willis Towers Watson, will be worth $18 billion, taking in about $8.2 billion in revenue, according to The Wall Street Journal.

The Ireland-based company is expected to achieve over $100 million in cost-savings on account of the merger. The Towers Watson Chairman and CEO, John Haley, will remain CEO, and Willis Group Holdings CEO Dominic Casserley will be president and deputy CEO.

“These are two companies with world-class brands and shared values. The rationale for the merger is powerful – at one stroke, the combination fast-tracks each company’s growth strategy and offers a truly compelling value proposition to our clients,” said Casserley in a press release.

“We will advise over 80% of the world’s top-1000 companies, as well as having a significant presence with mid-market and smaller employers around the world,” he added.

TIME Careers & Workplace

The 9 Traits That Define Great Leadership

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Extraordinary leaders are accountable to everyone's performance, including their own

Inc. logo

Many leaders are competent but few qualify as remarkable. If you want to join the ranks of the best of the best, make sure you embody all these qualities all the time. It isn’t easy, but the rewards can be truly phenomenal.

1. Awareness There is a difference between management and employees, bosses and workers. Leaders understand the nature of this difference and accept it; it informs their image, their actions, and their communication. They conduct themselves in a way that sets them apart from their employees–not in a manner that suggests they are better than others, but in a way that permits them to retain an objective perspective on everything that’s going on in their organization.

2. Decisiveness All leaders must make tough decisions It goes with the job. They understand that in certain situations, difficult and timely decisions must be made in the best interests of the entire organization, decisions that require a firmness, authority, and finality that will not please everyone. Extraordinary leaders don’t hesitate in such situations. They also know when not to act unilaterally but instead foster collaborative decision-making.

3. Empathy Extraordinary leaders praise in public and address problems in private. a genuine concern The best leaders guide employees through challenges, always on the lookout for solutions to foster the long-term success of the organization. Rather than making things personal when they encounter problems, or assigning blame to individuals, leaders look for constructive solutions and focus on moving forward.

4. Accountability Extraordinary leaders take responsibility for everyone’s performance, including their own. They follow up on all outstanding issues, check in on employees, and monitor the effectiveness of company policies and procedures. When things are going well, they praise. When problems arise, they identify them quickly, seek solutions, and get things back on track.

5. Confidence Not only are the best leaders confident, but their confidence is contagious. Employees are naturally drawn to them, seek their advice, and feel more confident as a result. When challenged, they don’t give in too easily, because they know their ideas, opinions and strategies are well-informed and the result of much hard work. But when proven wrong they take responsibility and quickly act to improve the situations within their authority.

6. Optimism The very best leaders are source of positive energy. They communicate easily. They are intrinsically helpful and genuinely concerned for other people’s welfare. They always seem to have a solution and always know what to say to inspire and reassure. They avoid personal criticism and pessimistic thinking, and look for ways to gain consensus and get people to work together efficiently and effectively as a team.

7. Honesty Strong leaders treat people how they want to be treated. They are extremely ethical and believe that honesty, effort, and reliability form the foundation of success. They embody these values so overtly that no employee doubts their integrity for a minute. They share information openly and avoid spin control.

8. Focus Extraordinary leaders plan ahead and they are supremely organized. They think through multiple scenarios and the possible impacts of their decisions, while considering viable alternatives and making plans and strategies–all targeted toward success. Once prepared, they establish strategies, processes, and routines so that high performance is tangible, easily defined, and monitored. They communicate their plans to key players and have contingency plans in the event last-minute changes require a new direction (which they often do).

9. Inspiration Put it all together and what emerges is a picture of the truly inspiring leader: someone who communicates clearly, concisely, and often, and by doing so motivates everyone to give their best all the time. They challenge their people by setting high but attainable standards and expectations, and then giving them the support, tools, training, and latitude to pursue those goals and become the best employees they can possibly be.

This post is in partnership with Inc., which offers useful advice, resources and insights to entrepreneurs and business owners. The article above was originally published at Inc.com.

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MONEY

You’ll Never Guess the Latest Victims of the Student Loan Crisis

hand reaching out of hole using adding machine with rolls of paper
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A fast-growing number of seniors are hitting retirement with a student debt burden. Even their Social Security is at risk.

Most debt you can get out of—painful as it might be. Credit card debt can be cleared in bankruptcy. A mortgage can end in foreclosure. But student debt is more sticky, and it turns out it can have big consequences in retirement.

Last year, Richard Minuti’s Social Security payments were cut by 10%.

The Philadelphia native was already earning only a bit over $10,000 a year, including some part-time work as a tutor. “I was desperate,” says Minuti. “Taking 10% of a person’s pay who’s trying to live with bills, that’s the cruelty of it.”

The Treasury Department was taking the money to pay for federal student loans he had taken out years before. Just before age 50, Minuti had gone back to college to get a second bachelor’s degree and a better job in social work and counseling. But the non-profit jobs he landed afterwards were lower paying, and he defaulted on the debt.

Student debt’s painful new twist

Minuti is one of the small but expanding group of seniors who are hitting retirement with a student debt burden. Over the past decade, people over the age of 60 had the fastest growing educational loan balances of any age group, according to the Federal Reserve Bank of New York. The total amount grew by more than nine times, from $6 billion in 2004 to $58 billion in 2014.

SeniorEduLoanGrowth

Only about 4% of households headed by people age 65 to 74 carry educational debt, according to a 2014 U.S. Government Accountability Office report. But as recently as 2004, student loans balances in retirement were close to unheard of, affecting less than 1% of this group.

Educational loans are very difficult to pay off when you are in or near retirement. Unlike a new college grad, there’s little prospect of years of rising salary income to help pay off the loan. That’s one reason older debtors have the highest default rate of any age group. (Also, most people who can’t pay off a loan will eventually age into being included among older debtors.) Over half of federal loans held by people over age 75 are in default, according to the GAO.

Student loan debts can’t be discharged in bankruptcy. And, as Minuti learned, federal tax refunds and up to 15% of wages and Social Security can be garnished.

This can be devastating, says Joanna Darcus, consumer rights attorney at Community Legal Services of Philadelphia.

“Most clients find me because the collection activity that they’re facing is preventing them from paying their utilities, from buying food for themselves, from paying their rent or their mortgage,” says Darcus, who works with low-income borrowers.

The number of seniors whose Social Security checks were garnished rose by roughly six times over the past decade, from about 6,000 to 36,000 people, says the GAO. Legislation from the mid-1990s ensured recipients could still get a minimum of $750 a month. At the time, this was enough to keep them from sliding below the poverty threshold. But to meet the current threshold, Congress would need to increase this to above $1,000 a month.

In other words, with enough debt, a Social Security recipient can be pulled into poverty.

“That’s pretty stressful for seniors when they understand that,” says Jan Miller, a student loan consultant who has seen a rise in his senior clients.

What’s behind the rise?

It’s not, despite what you might guess, only about parents who are taking on loans for their kids late in their careers.

Listen: How to decide if you should take out loans for your children’s education

In the GAO data, about 18% of federal educational debt held by seniors was from Parent PLUS loans for children or grandchildren. The remaining 82% was taken out by the borrower for his or her own education. (The GAO data differs from the New York Fed’s, showing lower total balances, so it may be missing some parental borrowing.)

SeniorLoansforOwnEdu

Darcus says many of her clients turned to education as a solution to unemployment and long-stagnant wages. Enrollment for all full and part-time students over age 35 increased 20% from 2004 to its recessionary peak in 2010, according to the National Center for Education Statistics.

“Among many of my clients, education is viewed as a pathway out of poverty and toward financial stability, but their reality is much different from that,” Darcus says. “Sometimes it’s their debt that keeps them in poverty, or pushes them deeper into it.”

And in recent years, both tuition and older debts have been especially difficult to pay, as home values and household assets took a hit in the Great Recession. Meanwhile, of course, the cost of higher education has soared. Tuition for private nonprofit institutions is up 78% in real dollars since 2004, according to the College Board.

What may be changing

New regulations and legislation this year may bring some relief to educational loan borrowers. The Senate in March introduced legislation to make private loans, but not federally subsidized loans, dismissible through bankruptcy.

For federal loans, more favorable income-driven repayment plans may be extended to up to 5 million borrowers this year. These plans, which have been growing in popularity since launching in 2009, adjust monthly payments according to reported discretionary income. The Department of Education is scheduled to issue new regulations by the end of 2015 that may allow all student borrowers to cap payments at 10% of their monthly income.

But it is unclear what percentage of that 5 million people are older borrowers who would benefit. Some borrowers have also complained that income-driven repayment plans require too much complex paperwork to enroll and stay enrolled. Borrowers who want to find out if they are already eligible for income-driven repayment plans can go here.

Parent PLUS loans would not be included in the new regulations. However, Parent PLUS loans can still be consolidated in order to take advantage of a similar, albeit less generous option, called the Income Contingent Repayment plan. This plan allows borrowers to cap their monthly payments at 20% of their discretionary income.

Still, some feel the best way to help seniors with student loan debt is to stop threatening to garnish Social Security benefits altogether. This spring, the Senate Aging Committee called for further investigations of the effects of student debt on seniors.

“Garnishing Social Security benefits defeats the entire point of the program—that’s why we don’t allow banks or credit card companies to do it,” said Sen. Claire McCaskill of Missouri in a statement.

Getting out from under

Richard Minuti was able to enroll in an income-based repayment plan last year with the help of a legal advocacy group. Because Minuti earned less than 150% of the federal poverty level, the government set his monthly obligation at $0, eliminating his monthly payment.

“I’m appreciative of that, thank God they have something like that,” Minuti says, “because obviously there are many people like myself who are similarly situated, 60-plus, and having these problems.”

But Deanne Loonin, director of the National Consumer Law Center’s Student Loan Borrower Assistance Project, says she doesn’t see the trend of rising educational debts ending any time soon. And some seniors will struggle with this debt well into retirement.

“I’ve got clients in nursing homes who are still having their Social Security garnished and they were in their 90s,” she says.

MONEY Travel

5 Things American Travelers Should Know If They’re Visiting Greece

Supporters of the NO vote in the upcoming referendum, gather during a rally at Syntagma square in Athens on Monday, June 29, 2015. Anxious Greek pensioners swarmed closed bank branches and long lines snaked outside ATMs as Greeks endured the first day of serious controls on their daily economic lives ahead of a July 5 referendum that could determine whether the country has to ditch the euro currency and return to the drachma.
Petros Karadjias—AP Supporters of the NO vote in the upcoming referendum, gather during a rally at Syntagma square in Athens on Monday, June 29, 2015.

Greece-bound tourists could be in for some hassles—or worse.

The crisis in Greece has caused the closure of local banks and brought about the worst day of the year in the U.S. stock market. Concerns are also being raised that the situation could ruin the vacations of tourists dreaming of exploring the culture, history, and warmth of Greece during the height of the summer season.

Here’s what travelers should keep in mind if they’re heading for Greece anytime soon.

Arrive with ample cash. Starting on Monday, banks in Greece were closed, and ATM withdrawals were being limited to €60 (around $67) for cards issued by Greek banks. Withdrawal restrictions don’t apply to foreign cards, but many ATMs have reportedly already been emptied and have no cash to dispense.

“Automated-teller machines are running dry and many businesses are no longer accepting credit cards,” the Wall Street Journal reported.

The bottom line is that the situation is fairly chaotic and very much in flux. Greece-bound tourists from Germany, the UK, Canada, Australia, and elsewhere have officially been given some variation of the warning to arrive with “sufficient euros in cash to cover the duration of your stay, emergencies, unforeseen circumstances, and any unexpected delays.” Ideally, bring cash in lots of smaller denominations, as it may be difficult for taxi drivers, restaurants, and other local businesses to provide change for big bills.

The advice of the U.S. Embassy in Greece is that Americans should have plenty of cash, and should certainly not rely on any single form of payment: “U.S. citizens are encouraged to carry more than one means of payment (cash, debit cards, credit cards), and make sure to have enough cash on hand to cover emergencies and any unexpected delays.”

Be extra vigilant. “The State Department recommends you maintain a high level of security awareness and avoid political rallies and demonstrations as instances of unrest can occur,” the U.S. Embassy states. “Exercise caution and common sense: Avoid the areas of demonstrations, and if you find yourself too close to a demonstration, move in the opposite direction and seek shelter.”

What’s more, pickpockets and thieves will surely be aware that tourists have been advised of the necessity of having plentiful cash on hand. So there will be extra reason for tourists to be targeted for theft. It goes without saying you shouldn’t stroll around casually with all of your cash in your purse or back pocket. Stash the bulk of it in the hotel safe, and divide walking-around cash among your party—ideally, safely kept in a money belt or neck wallet—perhaps with some emergency bills in the sole of your shoe. Don’t make it easy for pickpockets to rip you off.

Expect long lines and possible delays. There have already been huge lines at ATMs and supermarkets, with worried shoppers stocking up on essentials in the same way that Americans hoard milk and bread when a big snowstorm is in the forecast. There has also been plenty of speculation that strikes, demonstrations, and a squeeze on fuel could cause travel disruptions within Greece. So far, this has only amounted to speculation, and ferries, gas stations, and such have not been affected.

Tour operators are reporting (mostly) business as usual. “We were in touch with our hotel and our tour director earlier today, and both report that daily life is going on normally,” Tim Armstrong, a spokesman for the Tauck tour company, which had a group on a cruise just finishing up a three-night stay in Athens, said on Monday, according to the (Canada) Globe and Mail.

Likewise, Greek tourism officials maintain that the current events will have no impact on foreign visitors. “The tourists who are already here and those who are planning to come, will not be affected in any way by the events and will continue to enjoy their holiday in Greece with absolutely no problem,” said Elena Kountoura, Greece’s minister for tourism, according to the Independent. “It should be also noted that there is ample availability of both fuel and all products and services that ensure a smooth and fun stay for the visitors in every city, region and the islands.”

At least some of this seems like overstatement, considering that tourists and locals alike have already been affected by long lines. Credit and debit cards are still being accepted by most hotels and other businesses, but the fact that some are only accepting cash as payment is obviously another way that travelers are being affected.

Travel insurance probably won’t cover you if you cancel. If you’ve booked a vacation to Greece and purchased travel insurance for the trip, it may be time to look at the fine print. Most policies will reimburse a cancelled trip if there’s been a death in the immediate family, or if there’s been a natural disaster, terrorist attack, or large-scale civil unrest. But nothing that’s happening in Greece right now qualifies as a standard reimbursable situation.

“If you do cancel your trip it will be subject to the terms of the deal, and you stand to lose money,” one UK travel agent explained to the Guardian. Unless you’ve paid extra for a “cancel for any reason” upgrade to the insurance policy, in all likelihood your travel insurance would not cover you if you decide to cancel a trip to Greece right now.

Read next: What the Turmoil in Greece Means for Your Money

TIME technology

Uber Offers Free Rides to Its New York Protest

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ANDREW CABALLERO-REYNOLDS—AFP/Getty Images An UBER application is shown as cars drive by in Washington, DC on March 25, 2015.

uberPOOL will pick up participants on Tuesday

Uber is using an unusual resource to protest a New York City proposal: its own cars.

Protesters attending an Uber rally outside New York’s City Hall on Tuesday can get free rides to and from the event through the company’s carpooling service.

The company is organizing a protest against legislation backed by Mayor Bill de Blasio that would limit how much large car services in the city could grow each year in order to limit congestion on city streets.

Uber says the bill “would stop thousands of new drivers from joining the Uber platform … destroy 10,000 job opportunities for New Yorkers in just one year, and result in longer wait times, higher prices and less reliable service for riders.”

Uber says anyone who takes a cab to or from City Hall on Tuesday between 10:30 a.m. and 2:30 p.m. will get a free ride through uberPOOL—though theoretically that means some City Hall employees could get swept up in the mix alongside protesters.

TIME Careers & Workplace

6 Tricky Interview Questions (and How to Answer Them)

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"What are your salary requirements?"

Have you ever walked into a job interview feeling totally prepared, only to be stumped by a tricky surprise question? You’re not alone.

Two recent Quora threads discussed the questions, “What is the toughest interview question thrown at you, and how did you answer it?” and “What are some examples of great interview questions?” To help you tackle your next interview with confidence, we pulled together some of the most surprising Qs being asked behind closed doors—as well as Quora users’ interpretations and real-life answers.

1. “Do you think you’re a lucky person?”

There are two things you want to avoid here: attributing all of your successes to luck and coming across as cynical. “I thought about this for a few seconds and came to the conclusion that they must be gauging whether I’m an optimist or a pessimist,” Quora user Philemon Onesias says. “I decided to show them I’m the former, but still quite realistic.”

2. “If you could relive the last 10 years of your life, what would you change?”

If you think this sounds like a spin on the classic “greatest weakness” question, you’re right. “Professionally, I answered, ‘I don’t think I’d change anything,’” Erin Millano says. “‘I’ve learned a lot in the past 10 years and [it’s] all helped me grow.’”

3. “What are your salary requirements—both short-term and long-term?”

Talking salary is tricky, but talking salary for both the present and future is even trickier. Kate Ross Myers took an open and honest approach with her answer: “I just truthfully said, ‘I did not expect this question.’ I guess it worked, because I’m still working for the same company.” Our take: Give a short-term range, and keep the rest vague. Something like, “I think starting in the range of X and Y is fair—and of course I’d expect an appropriate increase after my annual performance reviews.”

4. “Tell me about a time in your life when you actually failed at something.”

The best way to answer this toughie? ’Fess up about your failures. “After interviewing over a 100 people in my career, this is the question that literally separates contenders from pretenders,” James Hritz says. “It’s interesting how many candidates are loath to admit they have ever failed at anything!”

5. “What can you teach us?”

This question can be pretty illuminating for both the interviewer and interviewee: When Divya Prabhakar was asked, “What can you teach us?” in a job interview, she realized she actually wasn’t a great fit for the company. “It showed me the company valued an interactive and mutual working environment, and if I wanted to have a positive experience there, rather than feel inferior, I should be able to answer this question easily,” she says.

6. “Tell us the most effective approaches for managing you.”

What management style helps you work best? This question, from Quora user Branko Marusic, forces you into the shoes of your potential superiors. “The company wants to ensure that every new employee has the best chance of succeeding,” he explains.

This article originally appeared on Levo.com

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TIME Greece

Meet the One Greek Business Profiting From the Run on Banks

“Everything has its risks”

The last five years have not been kind to the nameless little shopping plaza off of Lekka Street in central Athens. One after another its shop windows have gone dark and its merchants have gone out of business, acting out in miniature the way the Greek economy has contracted under the weight of its debts. But way in the back of the dusty arcade, the cluttered shop of George Moschopoulos has never seen better days. Every corner of the place is packed with one of the few durable goods on which Greeks are still willing to splurge: safes and strongboxes with solid metal walls.

Over the past few years, several aspects of the Greek financial crisis have aligned to boost demand for these unusual appliances. For one thing, public faith in the Greek banking system has collapsed, prompting Greeks to withdraw more than one billion euros from their accounts on Friday alone. The Greek government’s desperate push to raise tax revenue has meanwhile made people question the wisdom of storing their money in safety deposit boxes, where the tax police could still seize it. And the fact that people all over Greece are stashing their savings at home has driven an epidemic of burglaries. Put all that together and a strongbox starts to seem like a good investment.

“Everything has its risks,” says Moschopoulos, who has been in the safe business for nearly 40 years, according to the licenses that hang on the wall of his shop. “If you stuff your money in the mattress, it’s a thousand percent certain you will get robbed.” The most secure option, he admits, is still a safety deposit box inside a bank vault. “But there’s always the chance that some law will get passed to investigate what’s inside all those boxes, and they could all be frozen.”

Nor is there much security for Greeks in keeping their money in a savings account. As of Monday, the Greek government imposed capital controls on the nation’s banks, limiting how much their clients can withdraw to 60 euros per day, which is hardly enough to fill up the tank of a mid-sized sedan. Long lines had formed at ATMs around Athens in anticipation of this measure, and those who managed to withdraw their savings were among the lucky ones.

Now all they have to do is keep that money safe from thieves. According to the latest figures from Eurostat, the E.U.’s main statistical agency, Greece saw the worst jump in domestic burglaries of any E.U. member in the years after the financial crisis hit. In 2012, the most recent year for which Eurostat has published data, Greek police recorded almost 88,000 cases of burglary, up 76% from fiver years earlier. Police in Poland, whose population is 3.5 times larger than that of Greece, recorded less than half as many burglaries that year.

Greek media have meanwhile reported a change in the burglars’ tactics. If before they would wait until a home was empty before breaking in to ransack the place, they now prefer to have at least one person at home during the robbery to show the intruders where the money is hidden, according to a reported published Monday in the left-wing Avgi newspaper, which cited sources in the Greek police. (The press service of the national police did not respond on Monday to TIME’s request to comment on the article’s claims.)

If the report is accurate, the thieves in Greece would seem to have found a way to crack the safes that homeowners are installing. But Moschopoulos has yet to see a drop-off in demand. In the last five years, he says, his sales have grown roughly five-fold compared to the years before the financial crisis. “The reactions of Greek people are not always logical,” he says. “They are not patient enough to wait. They panic and withdraw everything right away.” But after this week’s capital controls, it’s hard to blame them for that kind of panic. The hoarders of cash would seem to be the clever ones in Greece this week, especially if they invested in the roughly 250 euros it costs to install a safe in their bedroom wall.

TIME Greece

Dow Plunges 350 Points as Possible Greek Default Looms

Eric Thayer A trader on the floor of the New York Stock Exchange.

Uncertainty rattles global markets

The uncertainty surrounding Greece’s ongoing debt crisis choked global markets on Monday, extending recent losses for the world’s stock exchanges.

The Dow Jones Industrial Average closed the day down 350 points, or 2%. The S&P 500 dropped 2.1%, ending the day at 2,058 points. Meanwhile, the tech-heavy Nasdaq composite was hit hardest, falling 122 points (or 2.4%) to end the day under the 5,000-point mark for the first time since early-May.

It was the worst day of the year for U.S. stocks.

Earlier, volatility struck markets around the world, as global markets felt the impact of the uncertainty in Greece, where banks are closed and ATM withdrawal limits have been imposed. The Chicago Board Options Exchange Volatility Index (VIX) — also referred to as the “fear index” — soared on Monday, rising by nearly 5 points, or 35%, to reach its highest levels in about four months.

Greek citizens will vote this weekend on a new bailout proposal that could bring billions of dollars in additional aid into the troubled country while installing strict austerity measures. A “no” vote on the bailout extension, meanwhile, would likely pave the way for Greece’s withdrawal from the euro zone.

Also, on Monday, ratings agency Standard & Poor’s once again downgraded Greece’s credit rating — to CCC- — in an assessment that predicted a Greek default within six months.

S&P said there’s now a 50% chance Greece will leave the euro.

In addition to fears about Greece, investors are concerned about Puerto Rico’s ability to pay its debts and continued weakness in China.

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