Greece faces vast budget deficit

Hard times have made Greece one of the euro zone's weakest economies. The country's budget deficit is expected to reach over 120-percent of its GDP next year the biggest ratio in the region.

For the first time in 10 years, a major ratings agency cut Greece's debt below an A grade.

The Greek Finance Minister says the country inherited the difficult economy from the previous conservative government, and that the current government is getting the situation under control.

It has pledged to cut public spending and increase revenue, mainly by cracking down on tax evasion. The European Commission says it will help the Greek government.

The problem is, existing fiscal rules of EU membership mean neither the IMF nor the European Central Bank are meant to bail out a country within the euro zone.