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Greek debt talks break down
The deal would amount to €100 billion and would reduce the nation's debt load to 120% of economic output by 2020.

Friday's delay could increase the likelihood that Greece will default on its debts, a development that eurozone officials have said would result in the nation exiting the euro currency union.

Under the terms of the deal, banks and investors would exchange existing bonds for assets with longer maturities and lower interest rates, resulting in significant losses.

The problem is that a non-voluntary deal could trigger credit default swaps, which many officials and investors say could spread chaos in the financial system.

In addition, the Greek government has reportedly been calling for even steeper write downs, angering some bondholders involved in the talks.
http://money.cnn.com/2012/01/13/markets/greece_debt_talks/