Greek Debt Crisis, Bailout | featured news

European leaders agree to a nearly $1 trillion rescue plan to avoid a major debt crisis; Federal Reserve says it will also provide loans overseas.

The International Monetary Fund on Sunday approved a 30 billion euro ($38.6 billion) loan for Greece as part of a larger European Union-led effort to help ease the country's economic crisis.

Both houses of Parliament approve unpopular financial plan to save Greece from bankruptcy.

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.

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