Europe Debt Crisis, Greece Debt Crisis | featured news

Standard & Poor's cuts Greece's credit rating, saying eurozone plans to restructure the country's debts would constitute a default.

European leaders are holding an emergency summit on Greece's debt crisis, trying to prevent a meltdown for the euro and a global economic slump.

Cutting Greece's debt will not solve the country's problems, ECB policymaker Jens Weidmann was quoted as saying on Sunday, adding Athens needed to raise its productivity instead.

Fitch Ratings on Wednesday downgraded Greece deeper into junk territory, citing the absence of a new and fully funded financing program for the country.

The International Monetary Fund's executive board on Friday said it approved a disbursement of about 3.2 billion euros to help Greece pay debts due this month.

A credit agency warning that Greece could face default if it follows an international plan designed to help the country cope with its massive debts caused Asian markets to stall Tuesday.

The rating agency said a plan proposed by the French government and banks to roll over some debt could fall within the definition of default.

Thousands of South Asian migrants have left Greece in recent months to escape the country's growing economic crisis, community leaders tell the BBC.

Greece's lawmakers approved a key austerity bill Wednesday needed to avert default next month, despite a second day of rioting on the streets of Athens that left dozens of police and protesters injured.

Riot police fired tear gas at youths hurling rocks and petrol bombs near the Greek finance ministry Tuesday, trying to quell the anger unleashed during mass protests and a general strike as parliament debated new cost-cutting measures.