Greece Edges Closer To Defaulting On Its Debt -- Washington Post
The Greek debt crisis escalated sharply Thursday, weakening the euro and sending ominous ripples across a stagnant European economy.
Greece is on the edge of default as talks continue on a $56 billion rescue package from the International Monetary Fund and the European Union that is contingent on Athens taking further austerity measures. Even if the government agrees to more cuts, the rescue continues to face strong opposition from Germany, where the public fears it will have to shoulder an unfair burden in a bailout.
IMF Managing Director Dominique Strauss-Kahn said he is not yet considering a restructuring of Greek debt, but he warned that there is no "silver bullet" to the nation's fiscal woes. He said negotiations on a rescue package will take time, which Greece may not have.
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More News On Greece's Financial Crisis
Escalating Greek default fears rock Europe's debt markets -- The Telegraph
Greece's spiraling debt shakes Europe -- Washington Times
Greek debt worse than first thought -- ABC News (Australia)
Traders Bet on a Default From Greece -- Wall Street Journal
Greece bailout in 'about' two weeks: EU economy commissioner Olli Rehn -- Wall Street Journal
Greek workers strike, warn of social explosion -- Reuters
Crisis Or Contagion: Assessing Sovereign Debt Risks -- Wall Street Journal
Greek Fiscal and Debt Crisis Gets Steadily Worse Amid a Sea of Deception -- Huffington Post
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