Europe Debt Crisis, Greece Debt Crisis | featured news

Under the plan, French banks would give Athens more time to pay back loans as they come due over the next three years.

Greece has secured a second bailout from the European Union and the International Monetary Fund, and it too will be on the order of €110 billion, Prime Minister George Papandreou said.

The crown jewels of Greece’s socialist state are now likely to go to the highest bidder.

Unlike their government, Greek banks were seen as well-managed and prudent before the crisis. Now they are struggling to find funding.

Hours of talks between eurozone finance ministers on the imploding finances of Greece broke up early Monday morning without the ministers signing off on a vital installment of rescue loans needed to avoid bankruptcy next month.