Debt disaster fears rumble from Athens to London

"Investors have rushed to sell Greek bonds since the newly elected government of George Papandreou made a startling revelation: the deficit will soar to over 12% of gross domestic product this year, well above previous official projections. "

"Greece's predicament has escalated concerns about contagion in other European countries whose finances are in poor shape. Just this month, the ratings of Greece have been cut both by Fitch Ratings, and, late Wednesday, by Standard & Poor's, and major agencies have warned Spain and Portugal of possible cuts. "

Read the Full Article at;

www.marketwatch.com/story/debt-disaster-fears-rumble-from-athens-to-london-2009-12-16