Global stocks around the world tumbled again on fears of the debt crisis in Greece and a possible global recession.

The sell-off has also hit commodity prices like oil, with the price of crude falling Tuesday to $75 a barrel.

"The deterioration in global manufacturing ... supports our view that underlying demand for commodities is weakening," researchers at Capital Economics told the Associated Press.

"We expect the prices of oil and industrial metals in particular to fall a lot further," they predicted.

Greece has agreed to some spending cuts and government reforms in exchange for additional financial aid.

Still, many analysts believe the debt-strapped country will default on its loans.

Investors' worries were exacerbated when Greek officials announced Sunday that they would miss their lower budget deficit targets.

"The market is increasingly worried about the potential of the Greek crisis and the calamity that could be created if there was a messy default," Jane Foley, senior currency strategist at Rabobank, told Reuters.

A Greek default could hurt banks in Europe and around the world.