Euro crisis deepens as S&P downgrades France, 8 others

(AP photo)

Greek Finance Minister Evangelos Venizelos talks to reporters after talks broke off with private bondholders on a plan to head off default.

By John W. Schoen, Senior Producer

Friday the 13th was not a good day for Europe.
In the midst of the European trading day, news began circulating that credit agency Standard and Poor's would downgrade many eurozone countries, including France, Italy and Spain. Given Europe's deepening financial problems, that move had been widely expected.
What traders and investors did not expect was for talks to break down between Greek officials and bondholders over how to avoid a looming default. More >>