Greece on the Brink of Default

    A Greek flag is waved in front of the Greek Parliament while strikers march by during a protest march in Athens marking the 24-hours general strike on December 1, 2011. Greece's new government sees its resolve tested on December 1 as unions take to the streets against the latest austerity cuts demanded by its European peers in return for funds to keep the country afloat. Today's general strike, the sixth this year, has shut down public services and disrupted train and ferry services but flights were not affected and the Athens stock exchange was open, as was most of the capital's metro system. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)

    Louisa Gouliamako, AFP / Getty Images

    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.”

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