Silvio Berlusconi is a step closer to leaving office after the Senate approved a package of austerity measures. It's now headed to the lower house. That progress has sent stock markets higher.
Greece has named an interim leader, Lucas Papademos, whose chief charge will be to make sure Greece does what it must to continue receiving the bailouts and rescue financing to keep its government operating while also servicing its debt.
Italian Prime Minister Silvio Berlusconi is the latest world leader to announce he'll leave power — toppled by the increasing debt crisis in Europe. Like Greek Prime Minister George Papandreou, Berlusconi lost the support of his people and his government.
George Papandreou will step down and a coalition government will be formed to govern until elections will be held. But they have a major role: approving the steps needed to fulfill the conditions of the EU bailout.
As the markets teetered and with European leaders telling Greece to take it or leave it — literally — Greece has called off plans for a popular referendum on the European Union bailout plan, agreed to last month.
The global stock markets fell precipitously Tuesday after the Greek Prime Minister announced the country would hold a referendum on the country's proposed austerity measures and the EU bailout.
With the European Union agreeing to a plan to bolster the EuroZone and hopefully avoid massive economic meltdown, question turns to what does this deal really mean?
The people of Greece have hit the streets in increasing numbers recently, protesting the ever increasing austerity members they're facing, as well as the corruption in their country.
As Greeks deal with the persistent national crisis, the bonds of family are being tested as every struggles to even get by. Generations living under one roof, trying to get by on less and less money.
As the Greek government tries to get its budget deficits under control, another public sector strike rippled through the country on Monday.