Greek PM Papandreou got the backing of his cabinet to hold a referendum on EU bailout terms. He meets today with France's Sarkozy and Germany's Merkel, who have said renegotiating is not an option.
The Greek bailout isn't the only thing in doubt after Prime Minister George Papandreou said he will put what Europe took to be a done deal to a referendum. His government could fall this week.
Stock markets in the US and Europe fell Tuesday, stunned by news that Greeks will vote in January on national austerity measures tied to resolving Greece's sovereign debt woes.
European politicians reacted angrily and financial markets slid after Greek Prime Minister Papandreou stunned Europe with the announcement of a Greek referendum on latest aid package.
The Greek debt crisis has unfolded over several years and through a litany of bailouts, parliamentary votes, and credit downgrades. Here is a brief overview of how we got to where we stand today.
The protesters of Occupy Wall Street and its spinoff demonstrations across the United States and around the world are never at a loss for the written word. The Occupy Wall Street movement is protesting issues including the 2008 bank bailouts, foreclosures, and high unemployment. Laura Hartmark holds two protest signs while supporting the Occupy Wall Street movement in Albany, N.Y., on Oct. 21.
Greece revealed today that it is in more dire economic straits than envisioned when a €110 billion bailout deal was agreed to this summer, sparking concern that Europe’s debt crisis could deepen.