Greece’s eurozone partners and the IMF this weekend agreed to a $146 billion bailout to stem the Greece crisis. But in return, the country’s leaders have been forced to implement a harsh austerity program.
With its bonds rated as junk, the debt crisis in Greece must prompt Athens to take far greater austerity measures than originally planned. Political leaders and the public must find the courage for the necessary sacrifice.
Greek Prime Minister George Papandreou called his country a "sinking ship" as he requested a $56 billion bailout today. But Germany, which is key to any aid package, still isn't convinced that a Greece bailout is absolutely necessary.
France, Italy, and Germany are at loggerheads over a possible Greece bailout ahead of what was to be a routine EU summit this Thursday. Greece has threatened to go to the IMF if the EU can't help with the crisis.
Protesters took to the streets of Athens on Thursday over government austerity measures. But anger is also growing in Germany at being asked to finance the Greece debt bailout.
To help end the Greek debt crisis, Europe and America must jointly step in to shore up global financial regulation.
A look at the wave of debt crises spreading around the globe.
German Chancellor Angela Merkel met Greece Prime Minister George Papandreou in Berlin today in an attempt to calm debt bailout tensions between Europe's economic powerhouse and the heavily indebted Mediterranean country.
Two German MPs have kicked up a furor in the Greek debt crisis by suggesting that Greece sell venerated icons such as the Acropolis as well as uninhabited islands.
The European Union is pushing Greece into deep economic reforms as a way to end the Greek debt crisis and stabilize the weakening euro.