greece austerity

The eurozone's third bailout program for Greece was largely the work of German leaders, but makes may Germans uncomfortable. They want a hard line taken with Greece, but fear being seen as bullies.

The Greek Parliament passed measures to support this week's eurozone-backed bailout agreement, but celebrations were muted at best, and there were large demonstrations against new austerity moves.

Greece is so saddled with debt it probably can't turn its economy around for years, the International Monetary Fund says. But writing down debt would require an OK from Germany, which has opposed it.

A frantic weekend of activity in Brussels resulted in a new financial rescue deal for Greece, preventing a near-term exit from the Eurozone.

Greek banks have been closed for more than a week, and it's unclear when they will reopen. Many Greeks are worried that if the banks collapse, they will lose everything.

Greek voters turned down a bailout offer from European leaders on Sunday. Both before and after the votes were counted, Greeks were divided over how the outcome would affect the country's future.