Greece Agrees to Bailout

The International Monetary Fund and European Union reached a $60 billion agreement to rescue Greece from its debt crisis. The money will come with many strings attached, however, as the Greek government must implement a difficult series of austerity measures as part of the deal. On Saturday, protesters marched to oppose anticipated cuts to services, pensions, and wages, but Prime Minister George Papandreou warned that "unprecedented" action was necessary. "The alternative course would be a catastrophe and greater pain for all," he said in a televised meeting. Economists fear that a Greek debt crisis could spiral out of control and affect other countries without emergency action.