GREECE - Standard & Poor's has slashed Greece's long term credit rating from B to CCC, amid fears private sector debt proposals will amount to a default.

GREECE - The Greek parliament has narrowly voted to approve a drastic austerity package despite facing widespread opposition.

EUROPE- The EU and IMF have reached a deal on Greece which should prevent a default, but will involve a new round of austerity measures for the beleaguered nation.

CHINA - Chinese growth raced ahead 9.7% in the first quarter of 2011, while inflation hit its highest level since 2008.

JAPAN - Nomura predicts the devastating earthquake and tsunami in Japan will cut between 0.5% and 1% off the country's GDP next quarter.

Nomura predicts the devastating earthquake and tsunami in Japan will cut between 0.5% and 1% off the country's GDP next quarter.