Crisis, Greece Debt | featured news

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 move by Standard & Poor’s on Tuesday deepened Europe’s debt crisis, and investors sold off government bonds amid fears of a default.

BRUSSELS (Reuters) - Greece must take additional measures to reach its deficit-cut target of 4 percent of GDP in 2010 but it is not yet clear how far short Athens is with steps announced so far, the European Commission said on Tuesday.

Corruption and impunity from prosecution lie at the heart of Greek's debt crisis, Prime Minister George Papandreou said on Monday, calling on citizens to stomach the pain required to put the country back on track.