Moody's cut Greece's credit rating by three notches, citing a growing risk that the government will fail to stabilize its debt position without a debt restructuring.
Germany has put a Greek restructuring back on the table, demanding in a letter to its EU partners that private bond holders make a major contribution to a looming debt relief deal for the struggling euro zone member.
The European Commission gave the go ahead for Spain to overhaul its stricken nationalized banks today and opened the door for nearly 40 billion euros in euro zone aid to be disbursed, offering hope for an end to Spain's banking crisis.