Financial sector in crisis amid which more countries could be sucked into Greek financial crisis . As already mentioned , the government has started slashing spending and has implemented austerity measures aimed at reducing the deficit by more than €10 billion ( $ 13 billion ) . Greece 's debt rating downgraded to junk status , Greece 's rating also lowered several notches . Greece 's national debt is now bigger than the country 's economy . Greece has implemented austere measures to try to reduce debt .
Financial sector in crisis amid which more countries could be sucked into Greek financial crisis . Greece 's debt rating downgraded to junk status , Greece 's rating also lowered several notches . Greece 's national debt is now bigger than the country 's economy . Greece has implemented austere measures to try to reduce debt .