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Moody's Cuts Portugal's Rating as Debt Soars

Portugal, one of the countries at the heart of the European debt crisis, had its bonds downgraded by Moody's Investors Services Tuesday. The ratings agency warned that the Lisbon government's financial strength will continue to weaken because of heavy indebtedness.

European Central Bank President Trichet Warns EU Budget Slackers

European Central Bank President Jean-Claude Trichet issued a warning to EU member nations Monday, telling them that there will be penalties for countries that fail to follow the financial guidelines defined by the EU. Those penalties could include the loss of voting rights.

Europe to Set Up Fund Stopping Greek Crisis' Spread

Eurozone leaders plan to create a financial facility to defend the euro and lower the interest rates its weaker economies pay for sovereign debt. As turmoil grips world markets, the politicians pledge to set up the firewall against contagion before Asian markets reopen on Monday.

Greece Under Attack From the Bond Vigilantes

As the bond vigilantes attack Greece, the European Union is preparing an emergency stabilization package to resolve the sovereign debt crisis. But he world's central banks must help involved too.

If the IMF Bails Out Europe, Who'll Bail Out the IMF?

The fund probably doesn't have the resources to bail out Greece, Portugal, Ireland and Spain. Which begs the question -- who rescues the IMF if it needs more stabilization funds to put out another fire? You guessed it: The U.S. is at the top of that list.

Can an EU-TARP Buffer the World From Europe's Crisis?

The financial crisis that started with overly indebted Greece is spreading rapidly to engulf Spain, Portugal, and European Union banks. The world may need a TARP-like rescue effort to contain Europe's contagion.

Europe Needs to Think Big About Its Bailout

Ratings downgrades for Spain, Portugal and Greece have alarmed already-rattled credit markets, sending borrowing costs sky-high. As contagion spreads, Europe's politicians need to stop dithering over the bailout and take dramatic steps to reassure markets.

Portugal Rate Cut Weighs On Global Markets

Shares in Europe were broadly lower Wednesday after the move, and the ratings agency warns of a possible further downgrade if the country doesn't drastically curtail its mounting budget deficits.

Germany to Offer Aid to Debt-Laden Greece?

Struggling with a worsening sovereign debt crisis, Greece appears closer to a bailout by the E.U. The plan may be led by Germany due to the size of its economy and relatively strong financial position.