Greece was pushed to the brink of a financial abyss and started dragging another eurozone country -- Portugal -- down with it, fueling fears of a continent-wide debt meltdown.
Stocks around the world tanked after ratings agency Standard & Poor's on Tuesday downgraded Greek bonds to junk status and downgraded Portugese bonds two notches, showing investors that Greece's financial contagion is spreading.
Major European exchanges fell more than 2.5 percent, and on Wall Street, the Dow Jones industrial average finished down 213 points, or 1.9 percent. The euro slid more than 1 percent to nearly an eight-month low.
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