'Business as normal' in world economy as Greek default nears

THE most dramatic feature of the weekend spring meetings of the World Bank and International Monetary Fund (IMF) in Washington was the absence of drama. There are plenty of potential disturbances in the world economy - expectations of possible tumult from a rise in US interest rates (whenever that happens), the slowdown in the Chinese economy and the likelihood of a Greek default on European Central Bank (ECB) and IMF loans - but little of this was aired in any meaningful way during three days of meetings in the US capital.

Central bankers and finance ministers have perhaps grown tired - and embarrassed - about talking or thinking about these issues. In the principal policy discussion body, the International Monetary and Financial Committee, the question of a Greek default was not mentioned once. Apart from a grandstanding performance on Thursday, Yanis Varoufakis, the barnstorming Greek finance minister, failed to make any impact - in contrast to the headline showings of several of his predecessors in previous years.

Beneath the surface, there are several indications of turning points. Here are six key issues investors should focus on.