Greece, Greece Debt | featured news

Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

Stocks are plunging as investors give in to fears that Greece's debt problems will spread and halt the global economic recovery.

European debt problems sent another wave of pessimism through the markets.

The $147 billion, three-year bailout offered to Greece by euro-zone countries and the IMF won't be enough to cover Greece's costs, an examination of Greek financial figures shows.

Greece reached agreement with the European Union and the International Monetary Fund on rescue loans to keep Athens from defaulting on its debts, a deal that will impose harsh cuts on the county's 11 million people for years.

Financial leaders, with a nervous eye on Greece, pledged on Saturday to address the risks posed to the global recovery from high government debt....

U.S. stocks rose as optimism rose over the upcoming earnings season and confidence in the global economy strengthened after European leaders pledged to extend aid to Greece.

Euro-zone finance ministers unanimously approved a detailed emergency aid mechanism for Greece but stressed that the country had not yet requested a bailout.

Chancellor Angela Merkel of Germany said that Greece should solve its own problems, ahead of a summit meeting scheduled for Thursday.

Greece's cabinet approved a sweeping new austerity program on Wednesday, the third in as many months, intended to rein in a bulging budget deficit and secure European financial support.