1. Crisis

    Europe Gives Greece Ultimatum

    German Chancellor Angela Merkel gives a speech during a ceremony to celebrate 50 years of Turkish guest workers in Germany on November 2, 2011 in Berlin. Some 900,000 Turks arrived between 1961, when the Turkish-German labour exchange pact was signed, and 1973 when the oil crisis and rising unemployment put paid to it, according to the German migration centre (DOMiD). Turkish Prime Minister Recep Tayyip Erdogan told German tabloid Bild earlyer that Berlin had made mistakes in its immigration policy with regard to Turks and in failing to back Ankara's drive to join the European Union.      AFP PHOTO / ODD ANDERSEN (Photo credit should read ODD ANDERSEN/AFP/Getty Images)

    Odd Andersen, AFP / Getty Images

    Europe is tense as President Obama arrives in Cannes for the G-20 economic summit. France and Germany have given Greece an ultimatum, demanding to know whether Greece plans to retain the euro currency before extending the debt-ridden nation any additional aid. "Does Greece want to remain part of the eurozone or not?" German Chancellor Angela Merkel said Wednesday. Greek Prime Minister George Papandreou agreed to push up a referendum on the EU bailout package from January to Dec. 4. The referendum may, however, fall apart before it takes place, as Papandreou faces a no-confidence vote in Parliament Friday.

    Read it at The Wall Street Journal