Greek political leaders have been haggling over the details of a cost-cutting package required for the country to get more urgently needed loans from international lenders. Some euro130 billion ($170 billion) in bailout money is on the line.
Without an injection of emergency money, Greece will likely default on its bond repayments on March 20 - an event that could shake European banks and other private lenders with Greek debt on their books.
President Nicolas Sarkozy of France and German Chancellor Angela Merkel have warned Greek leaders that they need to push through the austerity measures or risk letting the country go bankrupt.
Talks on the Greek austerity package were postponed to Tuesday. Separately, Greek Prime Minister Lucas Papademos was meeting with the country's creditors late Monday. Greece wants its creditors to swap their Greek government bonds for new ones that are worth 50 percent less. Before that can happen, however, Greece needs its emergency bailout to use as a cash payment in the bond swap. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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