Greece Debt, Greece Debt Crisis | featured news

The International Monetary Fund on Thursday approved a 28 billion euro ($36.7 billion) bailout for Greece, part of a broader international rescue package for the debt-strapped euro zone member.

Greece has successfully pushed through a deal to lower its debt burden and avoid defaulting on its outstanding bonds in the near future.

Stocks rose meekly Wednesday morning after their biggest loss this year as reassuring reports on productivity and hiring overshadowed jitters about the Greek debt crisis.

Decision day for the Greek debt crisis is drawing near, and insiders are predicting that if things go awry it could cost the world economy $1 trillion.

The German parliament approved a second, euro130 billion ($173 billion) loan package for Greece on Monday after Chancellor Angela Merkel warned lawmakers that it would be irresponsible to abandon the country to bankruptcy.

Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.

Debate over Greece’s rescue plan now shifts to the International Monetary Fund, which must decide if it is willing to risk more on a bailout effort that the fund’s own analysis shows has a strong probability of failing.

Eurozone finance ministers sealed a deal Tuesday morning for a second bailout for Greece, including 130 billion euros or $173 billion in new financing.

Greece's cabinet agreed on Saturday to launch a debt swap for private creditors on March 8 with the aim of completing it by March 11, a government official said.

Shock was a common sentiment in the heart of Athens this week. Athinas Street, the colorful shopping mile in the Greek capital, is known for its lively fish and meat markets, where spice salesmen mix with traditional shoemakers and sidewalks are packed with commodities for sale.