April 27, 2010
Posted: 1631 GMT
We'd been leading with the Goldman Sachs hearings on Capitol Hill all morning when an urgent wire crossed: Greece's sovereign debt has been downgraded to "junk" status by ratings agency Standards and Poors.
This means the ratings agency thinks Greece's debt is riskier than in its previous assessments. Investors are now being told that chances of them not getting their money back from Greece are higher. This will push up interest rates and prolong the debt crisis in Europe.
It also means other countries in the Eurozone might have to come up with a more ambitious plan to save Greece from drowning in debt it can't repay.
Stock markets across the continent are down. The anxiety over Greece's debt (and a downgrade for Portugal) has spread to Wall Street. We will go live to New York where Stephanie Elam will break the story down for us.
Stephanie will also join us to cover the Goldman Sachs hearings in Washginton DC. Top executives of the venerable financial insitution are today being grilled on accusations that they knowingly misled investors with deals tied to the subprime mortgage market they knew would lose money.
Join us for that and the rest of the day's top stories from Moscow, Paris, Baghdad and Yemen.
See you at the IDesk!
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