at would present enormous difficulties.

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If Greece were not a member of the eurozone, it might be tempted just to default on its debts, which would mean either declining to make interest payments or insisting that creditors agree to accept lower payments and write off some of the debt.

In the case of Greece, that would present enormous difficulties.

The rates of interest that eurozone governments have to pay have been kept low by the assumption that the European Union and the European Central Bank would provide assistance to eurozone countries to stop them defaulting.

If that turned out not to be the case, the cost of borrowing for many of the smaller EU states, some of which are already struggling to service their debts, would rise significantly.

It means that if Greece were to default, the Irish Republic and Portugal might have to default as well.

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ed this.

Prime Minister Jens Stoltenberg, whose Oslo offices were among those damaged by the bomb, described the situation as "very serious".

Norwegian media reports said the shootings on the islked with the bomb attack, reports said.

No group has said it carried out the attacks.

Hours after the bomb struck Oslo, officials said some people were still inside the damaged buildings, some of which were on fire.
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Analysis
Gordon Corera Security correspondent, BBC News

Police are saying that they believe the car bomb and the shooting are linked and they are thought to have a suspect in custody from Utoeya. That means they should be getting a clearer idea of who was behind this attack.

An al-Qaeda linked group is still a strong possibility, based on opposition to the role of Norwegian forces or issues linked to the publication of cartoons of the prophet. There were arrests last year in Norway linked to an international terrorist plot.

However, at this stage other possibilities, including domestic extremists, cannot be ruled out.

Constructing a large car bomb requires a degree of sophistication and the crucial factor for the police will be establishing how many people are behind this attack, whether any are still at large and to whom they might connected.

Television footage from the government quarter showed rubble and glass from