It's approaching that time of year where market activity typically slows, as traders and central bankers alike depart for long holidays.
But this summer is shaping up to be anything but quiet for markets, with Greece at a cross roads, stocks in China nose diving and rising uncertainty about the timing of a U.S. interest rate rise.
"Summers are always difficult in the markets but every summer turns out to be interesting and there's so much going on this summer," Bill Blain, a strategist at Mint Partners in London, told CNBC on Friday.
While the crisis in Greece, which holds a referendum this Sunday on whether or not to accept creditor-proposed bailout terms, is likely to be the trigger for near-term volatility, markets have much bigger fish to fry in the weeks to ahead.
Take for instance the slide in Chinese stock markets, which is fuelling concerns about the outlook for the world's second biggest economy.
The benchmark Shanghai Composite index, which had risen as much as 113 percent between November and a peak in June, has collapsed, sliding almost 30 percent.