An anti-austerity protester waves a Greek flag in front of the heavily guarded parliament in Athens
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Business Bites: S&P downgrades Greece to 'selective default'

Portugal has passed the latest review of its continuing spending cuts and economic reforms, the country's Finance Minister Vitor Gaspar has said.

It paves the way for the government to receive the next 14bn euros ($19bn; £12bn) round of bailout funds from the European Union, European Central Bank and International Monetary Fund.

But the latest downgrading of Greek debt to 'selective default' by Standard & Poor's has caused confusion in the financial market.

Meanwhile, the closely watched housing index in the US is expected to show a continued slide in the value of homes in the country.

The BBC's Jamie Robertson discusses the key financial stories of the day.

Go to next video: Will Portugal get next bail-out?