Telegraph: Greece put on standby for debt downgrade

"Fears over the solvency of Greece reached a new level on Monday night as Standard & Poors put the country's debt on notice for an imminent downgrade..... It must either deflate and accept slow and painful economic stagnation, or default on its debts, calling the wider euro project into question....with others warning that the UK is similarly exposed.....S&P also revised its outlook on Portugal’s sovereign-credit rating to “negative” from “stable”, blaming a deterioration in public finances."