"The ratings agency, Standard & Poor’s, downgraded Greece’s long-term and short-term debt to noninvestment-grade status and cautioned that investors who bought Greek bonds faced dwindling chances of getting their money back if Greece defaulted or went through a debt restructuring. Earlier, S.& P. reduced Portugal’s credit rating and warned that more downgrades were possible."

http://www.nytimes.com/2010/04/28/business/28markets.html?sr...

There was an NPR Planet Money podcast recently that said if Greece failed, others were likely to follow:

http://en.wikipedia.org/wiki/PIIGS

http://www.npr.org/blogs/money/2010/02/podcast_yes_greece_co...