Stock market woes continue as Greece admits it won't meet deficit targets. European stocks fall, along with US stock market futures.
Prime Minister Papandreou canceled his US trip and hinted at further austerity measures after Europe's 'troika' of experts expressed doubt about the Greek government's plans to avoid default.
Stock prices plummeted in Europe and stock futures were down in the US after EU ministers failed to expand a bailout fund to help Greece. Bank stock prices led the decline in Europe.
Eurozone leaders will meet this week in Brussels to discuss the Greek debt crisis. German chancellor Angela Merket says the Eurozone meeting won't solve the crisis quickly.
The Greek Parliament passed an austerity package today, but the possibility of default still looms.