greece

Greece's credit rating has been cut to the lowest level of any nation in the world after Standard & Poor's warned that the danger of a default by the country has risen significantly.

The German finance minister has described the current Greece bailout as "insufficient" and said a new aid package is needed.

Portugal has moved a step closer to implementing a €78bn bail-out programme after the country's Social Democrats (PSD) won a conclusive victory in the general election yesterday.

Still not sure why Greece is in so much trouble at the moment?

Eurozone finance ministers have provisionally agreed a new bailout package for Greece as the embattled nation struggles with its mounting debt.

The government's strategy for ensuring Britain stays out of recession is under pressure today after a slew of weak economic data.

European markets are flying high on the back of fresh hopes a solution to the Greek debt crisis can be found along with positive economic news emanating from Japan.

"Spain is like Ireland, Portugal and Greece, only more so," warns Stuart Thomson, Chief Economist with Ignis Asset Management.

Barclays' decision to cut 500 positions in its corporate banking business has meant job losses in the UK banking sectors have hit almost 1,400 this week.

The FTSE 100 was down in early trading as ongoing uncertainty about the Greek bailout hit markets and sent the euro lower against the dollar.