Standard Poor's has labelled Greece a charity case in crisis.
The credit rating agency has cut its credit rating for Greece to CCC and says there is now a significantly higher likelihood of default.
That means Greece's debt is deep into junk bond territory.
European Union finance ministers are to meet on 23 - 24 June to discuss what's likely to become a second bailout.
A new rescue package worth about 120 billion euros is under discussion.
European Central Bank president Jean Claude Trichet says Greece needs to reschedule its debt on voluntary terms. Greece's total debt is 340 billion euros.