Europe correspondent Stephen Beard discusses why the European markets remained pretty steady despite the credit downgrades of several European countries, and why we ought to worry about the Greek debt talks collapsing.

Europe and the U.S. are both exploring new options for judging the value of debt after increasing threats of downgrade from agencies like S&P and Moody's.

Banks today are reeling, just a day after Standard & Poor's downgraded dozens of financial institutions all around the world -- including here in the United States.

Credit ratings agencies don't seem to be phased by the super committee failure, in large part because the U.S. dollar and bond markets are still strong compared to Europe and China.