Greece Heads for Bailout Showdown with EU

Greece ElectionGreece’s new government was headed for a showdown with sceptical European partners on Wednesday as it took its demands to renegotiate its huge bailout to crunch talks in Brussels. The emergency meeting of eurozone finance ministers promises to be bruising, with Greek demands for a cash lifeline and a relaxation of austerity facing resistance from Germany in particular. Markets worldwide are spooked by the renewed threat of Greece crashing out of the euro, with Greece’s massive EU-IMF bailout set to expire at the end of February, leaving it at the risk of a default. Greek debt prices jumped higher and the Athens stock market plummeted three percent hours before the talks as the two sides seemed far apart. Read Full Article