The deal Greek officials are working on includes several more painful concessions. Among them, reducing the minimum wage.
Joanna Kakissis reports from Athens on how strong unions secured those wages and why some economists say those guarantees have to go.
JOANNA KAKISSIS, BYLINE: The minimum wage in Greece is about one $1,000 a month before taxes. International lenders say it must be reduced to about $780 a month to make the Greek economy more competitive.
European Union leaders are meeting in Brussels today to discuss the monetary union's ongoing economic crisis. According to The New York Times, the countries will decide that austerity is not enough to curb the sovereign debt crisis.
The Europeans are in the midst of their most serious economic crisis in 60 years, and now they're hearing it's not just their own fate they have to consider: The whole global economy hangs in the balance.
The International Monetary Fund last week warned that if Europe's problems get any worse, it could push the entire world back into recession.
European Union leaders, meeting in Brussels on Monday, are said to be close to resolving some of their most difficult issues — and they'd better be.
Greece is broke. But there's no blueprint for a country to declare bankruptcy, so Greece's creditors are sort of making things up as they go along.
"You're taking some sort of loss," Hans Humes of Greylock Capital Management told me. "But it's like, how much of a loss do you take? There's this thing called sovereign immunity. You can't go in and take the Acropolis."