ATHENS, GREECE – Stock prices are slipping in Greece, and around the world. It’s because of the Greek debt crisis. The situation is not as bad as some feared, though.
The chance of a bailout is on life-support, but at least it’s not completely dead.
Here, now, is what’s happening on the far side of the world.
Greece’s finance minister walked off the job, but not before taking a swipe at the country’s international creditors, telling them he will wear their loathing with pride.
His resignation followed a resounding “NOPA” from Greek voters who rejected a resolution that would have required the country to slash pensions and raise taxes to get the loans to bail it out of bankruptcy.
Germany’s Angela Merkel and France’s Francoise Hollande are meeting with other European leaders to figure out their next step.
"The door is open to discussion and now it's up to (Greece's president) Alexis Tsipras' government to make proposals, serious, credible proposals so that this desire to stay in Eurozone can be realized with a program over time,” said Hollande.
Greece wants a big chunk of its debt cancelled, but it doesn’t want any to make any more cutbacks. Greece is almost out of cash.
Greeks can get their hands on only $67 a day, assuming the banks or ATMs have any money. In many ways, The Great Depression in the US is similar to what’s going on in Greece.
And the fear in some quarters is that crisis in Greece could spill over into other countries before it’s over.