Moody's is the first of the major credit rating agencies to knock the UK off of its top rating citing weakness in the nation's medium-term growth outlook for years.
Under current projections, Greek debt is expected to be about 145 percent in eight years' time, meaning measures totalling around 25 percentage points of GDP, or 50 billion euros, are needed to get Greece back on track.
The Olympics have done much to feed illusions that borrowing and spending could continue as before, and be stepped up too, as though the net debt wasn't rising.
Deutsche Bank co-chief executive Fitschen's criticism was aimed at smaller German savings and cooperative banks which have argued they should not fall under the umbrella of a European supervisor
The clock is ticking for the country, which is finding fewer and fewer buyers for its debt, sold on the market as bonds.Investors are fretting over whether Spain will be able to repay its loans, and the country could end up being shut out of vital international debt markets.
European Central Bank President Mario Draghi must back up his pledge to do what it takes to protect the euro when the bank's policymakers meet on Thursday or else face deep disappointment from investors hungry for - and expecting - immediate action.<br /><br />
After tough all-night bargaining, European leaders appeared to salvage what had seemed to be a summit teetering toward failure by agreeing early Friday to use the continent's bailout fund.
Spanish Prime Minister Mariano Rajoy lauded the Greek vote while speaking to reporters in Mexico on Sunday, saying "we have improved a lot since we've entered the euro."
Greece's election on Sunday is too close to call and could push the debt-ridden country out of the European single currency, rocking the euro to its core and sowing turmoil in global financial markets.
Spain will become the fourth eurozone nation to receive a relief package from the EU and the International Monetary Fund after Greece, Ireland and Portugal since the outbreak of the euro-zone sovereign debt crisis two years ago.
The election in Greece on 17 June will help determine whether the financial crisis that has plagued Europe for more than two years is slowly coming under control - or about to get much worse.