EU policy makers mentioned that there is no plan from union to salvage the Greek economy from its budget deficit woes. Greek bonds slipped to be the worst performing in January after speculations that Greece will need a bailout from the EU. The Greek Prime Minister said what is making the situation worse is the ongoing rumors.

It is worth noting; S&P lowered the debt rating for Greece by one point to BBB+ from A- and Greece was also lowered in December by Fitch ratings to BBB+ which is raising concerns since the country has the highest budget deficit in Europe.