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.
While Greece battles its debt crisis, Iceland – where major banks collapsed in the wake of the global financial meltdown – is gearing up for a referendum on whether its taxpayers will shoulder the burden of paying back billions of dollars of debt.
European Union (EU) leaders promised on Thursday that they stand waiting to help debt-laden Greece, if needed. But the euro declined as investors worried about the lack of a clear commitment to a bailout package.
European Union leaders gathering for a crucial summit Thursday face tough choices: come to Greece’s rescue with the first ever bail out of a eurozone state or hold back and see if Greek spending cuts and reforms can avert a default.