The ratings agency Standard & Poor’s also cut Portugal’s credit to junk status, lowered Italy’s rating and downgraded several other countries caught in the euro crisis.

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Debt Ratings Cut for 9 Countries Amid Euro Woes

If the euro falls, Britain will sink, but if Europe forges a closer unity among the euro zone countries, then Britain faces being ever more marginalized.

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Britain Suffers as a Bystander to Europe’s Crisis

One of the architects of the euro, Jacques Delors, says it was flawed from the start, as his plans for economic co-ordination were never followed.

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Delors: Euro flawed from launch

Market indexes gained more than 4 percent after central banks acted to contain the debt crisis in the euro zone. But a half-dozen similar rallies made recently have quickly withered.

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Markets Surge on Action By Several Central Banks

European leaders say there’s no reason to prepare for the unthinkable: the breakup of the euro zone. But some big banks are no longer so sure.

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Banks Fear Breakup of the Euro Zone

What strange stories do the euro’s coins tell us?

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The euro’s strange stories

Former UK prime minister Tony Blair tells the BBC the collapse of the euro would be “catastrophic” and said Europe must get behind it.

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Blair warns of euro ‘catastrophe’

George Osborne has warned if countries start “falling out of the euro in a disorderly way”, the UK would be badly affected, as the latest finance meeting ends without a deal.

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Osborne warning over euro exits

The fate of the euro seemed to hinge on two tangled political cultures, as Greece negotiated a transitional government and Silvio Berlusconi’s hold on power seemed to weaken in Italy.

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In Turmoil, Greece and Italy Deepen Euro Crisis

Bank shares and the euro fall as fears over the eurozone and Italian government debt persist, despite the latest rescue deal.

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Markets fall as euro fears remain

A report on the American economy added to investors’ upbeat mood following the broad agreement on the euro zone debt crisis, but uncertainty remained about Europe’s next steps.

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News Analysis: In Rally Over Euro Deal, Relief Mixed With Wariness

Markets were spooked by the grim assessment of the American economy, while weak data from the euro zone added to fears about another recession.

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Global Stocks Tumble After Latest Move by the Fed

The Swiss franc falls sharply after the central bank pegs the franc to the euro, citing a “massive overvaluation” of the Swiss currency.

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Swiss act to weaken strong franc

EU leaders head to a Brussels summit under the cloud of the Greek debt crisis, which threatens the euro’s stability.

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Greek drama to dominate EU summit

Analysts say equity markets are expected to remain volatile in 2011 as issues including the euro zone debt crisis are expected to resurface.

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Wall Street Starts New Year With a Jump