While IMF and EU members are wrestling with the major problem of restructuring the Greek rescue package to make it look like a default hasn't happened, Greek Debt has been downgraded to CCC, the lowest in the World. They are now on a par with Eucador, Jamaica, Grenada and Pakistan.

Standard and Poor (S&P) the globally respected Ratings Agency have said they believe there is a strong  possibility of Greece defaulting at least once on debt repayments in the next year.

Greece has recently unveiled a substantial austerity package on the Greek public who have yet have  to realise the gravity of living in a technically bankrupt country, blaming the Government for the current mess they are in, with daily demonstrations outside the Greek parliament.