The debt crisis facing the developed world is big and will take a generation to resolve, Angel Gurria, Secretary General of the OECD, told CNBC Thursday.
Standard & Poor's Ratings Services today said that it has lowered its long- and short-term sovereign credit ratings on the Hellenic Republic and S&P warned it may be cut further.
The boss of the French banking giant has told CNBC that the European banking sector could absorb a restructuring of Greek debt, whatever form it took.