European financial officials say they are moving as quickly as possible to prevent the region's debt crisis from growing even larger.
The heads of the European Central Bank and the International Monetary Fund are scheduled to meet with German Chancellor Angela Merkel later Wednesday in Berlin, where plans to help bail out debt-ridden Greece have met opposition.
Some German parliamentarians have been critical of Berlin's response to the crisis, but the German ambassador to Greece (Wolfgang Schultheiss) promised Wednesday that Germany "will not let down Greece."
Greece has already asked to access a joint European Union-IMF aid package worth as much as $60 billion. However, concerns about the stability of Greece, and other financially troubled European countries, rose after the Standard and Poor's credit rating agency downgraded Greek bonds to speculative or "junk" status on Tuesday.
The agency also slashed Portugal's sovereign debt by two notches.