What is a rating agency?, By Rebecca Marston Business reporter, 18 April 2011, BBC News

AAA, Ba3, Ca, CCC... they look like some kind of hyper-active school report.

They are, indeed, a marking system, and one that is designed to inform interested parties.

The letter formations are given to large-scale borrowers, whether companies or governments, and tell the buyers of this debt how likely they are to be able to get it back.

The score card also affects the amount that should be charged by way of return on that borrowing.

These letters have been all over the coverage of the financial impact of the crisis besetting the eurozone.

A change to the score means a change to the amount a borrower must pay its debt-holders, something that can make it more expensive to borrow as investors demand a higher rate of return for taking on more risky debt.
Timeline: The unfolding eurozone crisis, 20 September 2011, BBC News

To join the currency, member states had to qualify by meeting the terms of the treaty in terms of budget deficits, inflation, interest rates and other monetary requirements.

Of EU members at the time, the UK, Sweden and Denmark declined to join the currency.

Since then, there have been many twists and turns for the countries that use the single currency.
Economy enters 'dangerous phase', By Kabir Chibber Business reporter, 20 September 2011, BBC News

Three nations in the eurozone - the 17 nations that use the euro - have been recipients of bailouts as attempts to solve the crisis keep stalling.

Italy became the latest to feel the domino effect of the markets when its debt rating was lowered, the latest in a series of downgrades.

Greece, Spain, the Irish Republic and even Cyprus have also had their ratings cut this year. The future of the euro is being questioned in a way it never has since 1999.

Which countries have fallen, and which are feared to be next?
EU 'faces its greatest challenge' - Jose Manuel Barroso, 28 September 2011, BBC News

The head of the European Commission has told Euro MPs that Greece will stay in the eurozone, but warned that the EU was facing its "greatest challenge".

Appealing for patience over the Greek debt crisis in his annual State of the Union address, Manuel Barroso said: "This is not a sprint but a marathon."
A key obstacle to the payment was removed on Tuesday when the Greek parliament passed a controversial new property tax bill, first announced earlier this month, that aims to boost revenues.