Rating agency S&P’s decision to downgrade Greek debt to "junk" may lead to softened pre-conditions for an IMF-EU bailout and a swifter European response, says CFR’s Marc Levinson.

Debt restructuring and longer-term eurozone reforms will be needed to contain Europe’s sovereign debt problems and restore European stability and prosperity, says CFR’s Marc Levinson.

CFR’s Marc Levinson says further international coordination on financial regulation may do more harm than good and expresses doubts about federal restrictions on executive pay.