Greece was on deadline to deliver a cost-cutting plan to the IMF and EU last week, this past weekend and today. Now, the deadline has been extended. When might the country default?
The big credit ratings agencies — S&P, Moody's — faced enormous criticism in the United States for their role in the housing crisis. In Europe, many countries now say those same firms are feeding the debt crisis. So European regulators are pushing back.
Over the weekend, it was announced that George Papandreou would step down as Greek prime minister. Italy, and its leader Silvio Berlusconi, could be next.