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TIME TO ACT Greece on the Brink of Default Louisa Gouliamako, AFP / Getty Images

Greece on the Brink of Default

Bankruptcy, collapse, default. Just another day in Greece. The nation moved dangerously closer to default late Sunday as it seeks to strike a deal and accept proposed austerity measures by noon on Monday. European leaders are pressuring Greece to make deep spending cuts and market reforms in order to obtain another €130 billion bailout. After five hours of discussion, Greece’s three leaders of the national unity government were still unable to reach agreement. The government did strike a tentative deal to extend spending cuts. It’s being called a “make or break” moment for the nation, as more funding hangs on a “razor’s edge.”

February 5, 2012 11:51 PM