Greek debt concerns persist, US reform debate blocked

Despite the rescue efforts of the European Union and the IMF, Greece's debt problem remains a concern. Reuters reports:

Germany said on Monday it could offer aid for Greece within days if it agreed to painful new austerity measures, but rescue jitters pushed the cost of insuring against a Greek debt default to a record high...

Greece's borrowing costs rose to a 12-year peak on investors' fears that assistance would come too late to avert the euro zone's first sovereign debt default.

However, banks in the US won a reprieve on Monday. Again from Reuters:

The most sweeping overhaul of U.S. banking rules since the Great Depression stumbled in the Senate on Monday as Republicans united to prevent action on the bill.

The vote gives Republicans leverage to extract more concessions from Democrats on a measure that could ban banks from several lucrative types of trading and subject them to greater oversight.

Needing 60 votes in the 100-seat Senate to begin debate on the bill, Democrats fell three votes short.

The setback is not likely to be permanent. Lawmakers in both parties said they are close to agreement and the Senate could take up the bill later this week.