Greek Leader Offers to Step Down

Thousands of protesters have been clashing with police on the streets Greece as the country struggles with debt and a collapsed economy. In a bold move to restore stability, Prime Minister George Papandreou has proposed to step down, according to a Greek official. That is, if the opposition party would support a new bailout deal. The International Monetary Fund and the European Union would grant the country a bailout if it submits to more austerity measures, and the opposition, along with people in the streets, have opposed the deal. The news has rattled world financial markets, which fear that rejecting the bailout would lead to Greece defaulting, and potentially ignite a series of crises in countries like Portugal, Ireland, and Spain, eventually threatening most of Europe’s banks.