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While Portugal and Spain are the most recent targets of S&P downgrades, Italy or even Ireland could be next.
With dramatic headlines of Greek troubles spreading and the euro hitting fresh lows against the dollar, the situation grows more critical each day. But today's news only highlights a part of the problem.
The market is highly skeptical about a rescue which was only emphasized by Standard and Poors downgrading the rating on Greece to "junk." Wow guys, way to be timely.
One of the key players in trying to work out a solution is Germany, and I spoke with Axel Weber, President of Germany’s central bank, the Deutsche Bundesbank.
The bailout of Greece has stirred ferocious debate and fallout in Germany, which has an election shortly.
Greece's embattled Finance Minister George Papaconstantinou is confident that his European peers will cough up to rescue his country from a debt default. The question is why?
There is no evidence of contagion from the Greek debt debacle to other markets, but the country's woes will help push the euro down, boosting exports for some countries in the single European currency area, David Bloom, global head of foreign exchange research at HSBC, told CNBC Monday.
The German language has been "enriched" by a new word that might well make it into international dictionaries: Sich durchmerkeln.
Greece gave in to market pressure and officially requested financial aid from the European Union and the International Monetary Fund Friday, but analysts and traders say the rollercoaster ride for investors is not over.
With Greek debt continuing to soar at record levels, there is growing concern in some European markets that they too will soon face the same problems.
The world economy is clearly in a V-shaped recovery and those talking up a double dip recession are way off the mark, Jim O'Neill, the head of global economic research at Goldman Sachs, told CNBC.com.
Just ahead of the World Bank/IMF meetings in DC this week, the IMF has prepared a report that advocates everyone tax their banks to pay for future bailouts.
The global economy is facing a lost decade or a fully-fledged recession unless policy makers change their ways now, economists at Independent Strategy said.
The sovereign debt crisis facing Europe, which started in Greece, is spreading to many other large economies in the Organization for Economic Cooperation and Development (OECD), according to New York University professor of economics Nouriel Roubini.
The billionaire investor said he believes that Germany’s insistence on an interest rate of 5 percent for the aid package has compromised the rescue because it would water down its impact.
The yuan's peg against the dollar and a bigger say on the international scene may be making all the headlines as the BRIC leaders meet in the Brazilian capital over the next 24 hours. But the big story is the growth in trade and investment between the four economic power houses – and how this is shaping relations between them.
If the euro can't go ahead, it will go backwards, the famous financier said. "It's important to understand that if you don't make the next steps forward for the euro, the euro will go to pieces and the European Union too," Soros added.
The legendary investor who forced the pound out of the Exchange Rate Mechanism in 1992 believes that the rescue package is only "a little step" that may not stop Athens falling into a "debt spiral".
1st paragraph of story should go here
An aid package for Greece could come as early as this weekend, as the Balkan country is in danger of running out of cash, analysts at UBS wrote in a research note Friday.