Greece Agrees on Sharp Cuts to Clear Way for Bailout
Disagreement over pension cuts had stalled an agreement among Greek leaders on austerity reforms demanded by the troika of the European Union, International Monetary Fund and European Central Bank.
EU to Greece: Put It In Writing
The European Commission ordered Monday that Greece’s new leaders must put in writing their pledge to honor new austerity measures before Athens is given its sixth installment of aid.
Europe in Disarray as Contagion Spreads
As both Italy and Greece fumbled with successor governments, worries over officials’ failure to find a solution to the debt crisis spread contagion to Italy, where bond yields broke records.
Greece, Italy Face Shifting Governments
The financial crisis that brought down the leaders of both Greece and Italy is not finished with the nations yet. The two Mediterranean states must now focus on who will lead their new governments through the turmoil of their debt crises.