U.S. stocks drifted lower Wednesday amid doubts over the latest bailout for Greece and concerns about global economic growth.

Once again, Greece appears to have been snatched back from the brink of default with the promise of more bailout money.

It looks like Greece will avoid an outright default in the short run now that eurozone finance officials have signed off on a second bailout for the debt-stricken nation.

Oil prices rose Monday after Iran cut exports to Britain and France, raising worries that higher gas prices may follow suit.

Michael W. Klein is a professor at Tuft University's Fletcher School and a Non-Resident Senior Fellow in Economic Studies at The Brookings Institution. Klein recently served as chief economist for the Office of International Affairs at the U.S. Treasury in the Obama Administration.