greece

S&P has downgraded Greece's credit rating by two notches on default fears, while Moody's and Fitch are also preparing to cut its further, according to reports.

The European Union (EU) is preparing to restructure Greece's rescue package after ministers publicly acknowledged it would need further assistance.

Greek bond yields rose sharply again today as the country's fiscal situation was revealed to be more precarious than feared.

Greece will be forced to restructure its sovereign debt in June 2013 when a spate of longer-term notes will need to be rolled over, according to Patrick Armstrong.

Greece is to privatise €50bn of state assets in an effort to fund its latest austerity plan.

Distinction Asset Management's Ana Armstrong has bought one-year Greek bonds yielding 14.7%, after Moody's downgraded the country's debt last month.

Greek government bonds yielding 15% are now ‘tempting' as the chances of the country being forced into a restructure over the next couple of years has been reduced, says Chris Iggo at Axa Investment Managers.

Eurozone leaders in Brussels have come to a ‘in principle' agreement on economic policy, designed to rescue Europe from its debt crisis, European Union President Herman Van Rompuy has announced.

Europe should relieve Greece of a third of its debt burden as the country's programme of cuts will only stifle economic growth, says Mohamed El-Erian.

PIIGS STILL A CONCERN FOR EURO CREDIT