Greece has been struggling to avoid a default for over two years as the nation's economy has sunk deeper into recession and the government has been shut out of the bond market.
To qualify for its second bailout, Greece is scrambling to enact a series of austerity measures linked to its initial 2010 rescue and has pledged to undertake structural reforms to make its economy more competitive.
On Monday, German lawmakers approved the second rescue package for Greece, which is deeply unpopular in Germany.
But many economists say Greece will not be able to avoid a default without more support or additional restructuring.
Source URL: http://money.cnn.com/2012/02/27/markets/greece_standard_poors_selective_default/index.htm?iid=SF_BN_Lead
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